Egypt’s Juhayna Food says it didn't receive bid from Abu Dhabi Holding

Egypt’s Juhayna Food says it didn't receive bid from Abu Dhabi Holding
Juhayna operates four factories and a 550-acre dairy farm.
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Updated 03 June 2021

Egypt’s Juhayna Food says it didn't receive bid from Abu Dhabi Holding

Egypt’s Juhayna Food says it didn't receive bid from Abu Dhabi Holding
  • Bloomberg previously published a story claiming interest from Abu Dhabi Holding
  • Juhayna's share price has suffered since founder was detained last year

RIYADH: The Egyptian Juhayna Food Industries Company said it has not received any official offers or letters from Abu Dhabi Holding Co. to acquire a stake in it, Al Arabiya reported.

Bloomberg News had previously published a story claiming that Abu Dhabi Holding is considering acquiring a stake in Juhayna as part of its efforts for more deals in Egypt.

Juhayna’s share price has fallen since late last year, after the authorities detained the company’s founder, Safwan Thabet, and his son, Seif El-Din Thabet, CEO and vice chairman of the company, due to alleged links with the Muslim Brotherhood.

Juhayna is currently managed by a committee of 10 company executives. It operates four subsidiary factories and a 550-acre dairy farm.