The top shareholder in Egypt's largest dairy and juice company Juhayna has sold a 1.2 percent stake, the company said on Wednesday, in a deal worth around 100 million Egyptian pounds ($13.98 million).
Investment firm Pharon has sold 11.25 million shares, cutting its stake to 51.02 percent of the food company, Juhayna said in a statement.
The sale was based on the last traded price on Tuesday of 10.26 pounds per share. The statement did not identify the buyer.
Juhayna, founded in 1983, has seven factories with a production capacity of 2,900 tonnes per day. Customers include Egypt Air, Air France, and major hotels and restaurants in Egypt, the biggest Arab nation.
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