The reservation of Safwan Thabet, Chairman of the Egyptian Juhayna Board, pending investigations
Juhaina Food Industries, the largest producer of dairy and bottled juices in Egypt, said today, Wednesday, that Safwan Thabet, Chairman of the Company's Board of Directors, has been seized pending investigations.
The company added that it "does not have information about the content of the investigations and does not have any other information in this regard, and that Mr. Saifuddin Thabet is the vice-chairman of the board of directors and the managing director and has all the powers and competencies necessary to run the company's business."
The Egyptian Stock Exchange has suspended trading on Juhayna’s shares in the market until a statement is received regarding the formation of the board of directors.
Juhayna was established in 1983, and it produces milk, yogurt and juices and exports its products to markets in the Middle East, America and European countries.
The company said that the board of directors has been called to an emergency meeting to take the necessary measures in this regard.
Juhayna emphasized that the reservation on the chairman of its board of directors "has no effect on the company or the daily operation ... and that it continues to carry out all its activities, provide its products, maintain its employees and its dealings with all governmental and non-governmental agencies while preserving the rights of its shareholders."
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