The Chairman of Egypt’s Juhayna Food Industries’ Safwan Sabet was detained on Wednesday morning pending investigations, the company announced in a statement to the stock exchange today, adding that the company has no details on the content of the inquiry.
According to the statement, Juhayna said that Sabet’s arrest will not have an impact on the company or its daily operations, adding that it will continue to carry out its activities and supply its products to consumers.
Juhanya added that its deputy chairman, Seif El-Din Sabet, holds the authority to be the company's caretaker.
The statement explained that the company’s board of directors have been invited to hold an emergency meeting on Wednesday to take the necessary measures in the matter.
Trading on Juhayna’s stocks was briefly suspended by the bourse, resuming later at 1:30pm following the company’s statement.
Established in 1983, Juhayna Food Industries is a leading Egypt-based manufacturer specialised in the production, processing, and packaging of dairy, juice, and cooking products.