Egypt’s Market Watchdog Calls on Al Jaber to Solve AJWA Issue Amicably

Egypt’s market regulator – the Egyptian Financial Supervisory Authority (EFSA) called on Saudi businessman Issa Al Jaber, chairman of AJWA for Food Industries Company, to seek an amicable solution to the shareholders problem prior to the general ordinary meeting, scheduled for April 2.

EFSA asked Al jabber to propose solutions based on a previous decision obligating him to repurchase the shares he sold to shareholders, Sherif Samy, executive chairman of EFSA told MENA.

In 2011, an Egyptian court fined Al Jaber; as the prosecution had accused him of forging documents and spreading false information to boost the company’s share price.