Cairo – Mubasher: The board of directors of Juhayna Food Industries approved the appointment of its Deputy Chairman Seifeldin Thabet as an Acting Chairman, according to a bourse disclosure on Thursday.

This decision follows the announcement of the detention of the company’s Chairman Safwan Thabet pending an investigation on Wednesday.

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

The company is managing its daily operations and releasing its products and will continue to meet its responsibilities.

During the first nine months of 2020, Juhayna Food Industries achieved net profits of EGP 383.74 million, up from EGP 291 million in the year-ago period, including minority shareholders’ rights.