CAIRO: Shares in Egypt’s Juhayna Food Industries dropped sharply in early trading on Sunday after the company said a second top official had been called for questioning and detained.
The company, Egypt’s largest dairy products and juices producer, confirmed the detention of CEO and deputy chairman Seifeldin Thabet in a disclosure to Egypt’s bourse regarding a pending investigation into his father, ex-chairman Safwan Thabet, who was arrested in December.
“The company has no further information regarding the detention/investigation to disclose at this point,” Juhayna said.
It said the investigation against Safwan Thabet regarded “personal accusations unrelated to the company”.
Thabet’s lawyer was not immediately available for comment.
Juhayna’s shares tumbled 17% as trading opened on Sunday and were 10.55% down when the stock exchange closed at 1200 GMT.
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