Juhayna’s stock slumps 6.4% after chairman’s arrest

Juhayna Food Industries shares dropped by 6.43 percent at the end of Wednesday’s trading session following the announcement of the detention of the company’s Chairman, Safwan Thabet, pending an investigation.

The company’s stock shed 0.44 Egyptian pounds to 6.4 pounds after 620,668 million shares were exchanged at a turnover of 4 million Egyptian pounds.

Trading on the company’s stock was halted in the early hours of the trading day to be resumed again on 01:30 p.m. Cairo time.

“The investigation is not related to the company’s activities, dealings with government and non-government entities, or its shareholders’ rights,” the company said in a statement to the Egyptian Exchange.

Seifeldin Thabet, the CEO and Deputy Chairman of Juhayna, will continue to enjoy full authority in running daily operations of the company.