Cairo – Mubasher: Juhayna Food Industries said that its Chairman, Safwan Thabet, has been detained pending an investigation.
Seifeldin Thabet, the CEO and Deputy Chairman of Juhayna, will continue to enjoy full authority in running all daily operations, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
“The investigation is not related to the company’s activities, dealings with government and non-government entities, or its shareholders’ rights,” the statement showed.
“The company has no further information regarding the investigation.”
An emergency meeting will be held on Wednesday to discuss the matter.
The company is managing its daily operations and releasing its products and will continue to meet its responsibilities.
During the first nine months of 2020, Juhayna Food Industries achieved net profits of EGP 383.74 million, up from EGP 291 million in the year-ago period, including minority shareholders’ rights.
