Egypt’s Juhayna Food Industries operating normally despite Chairperson’s arrest

Safwan Thabet was arrested on Monday pending an investigation

A man works at a Juhayna factory in the outskirts of Cairo, Egypt, May 24, 2016.

A man works at a Juhayna factory in the outskirts of Cairo, Egypt, May 24, 2016.

REUTERS/Mohamed Abd El Ghany

Juhayna Food Industries has revealed that its Chairperson Safwan Thabet has been arrested. No additional information has been released.

In a statement to the Egyptian Exchange (EGX), on Wednesday, the company said that it has no further information about the circumstances of the arrest and that Thabet is undergoing investigations.

Juhayna added that Vice Chairperson and Managing Director, Seif El-Dein Thabet, has all the necessary powers and capabilities to run the company’s business.

The company indicated that this incident has no effect on its operations, and that Juhayna does not currently have any other information in this regard.

The company affirmed that it will continue its activities normally with all governmental and non-governmental agencies, while preserving the rights of its shareholders.

Juhayna has achieved profits amounting to EGP 383.74m during the period from January to September 2020. This compares to profits amounting to EGP 291m in the same period last year, taking into account the minority interest.

The company’s sales increased to EGP 5.78bn during the period from January to September 2020, compared to EGP 5.72bn in the same period of 2019.

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