Juhayna: Joint venture with Arla Food on track despite CEO’s asset freeze
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CAIRO: Juhayna Food Industries affirmed in a Monday statement that it is committed to implementing its investment and expansion plans, which include a newly-established joint venture with dairy producer Arla Food.

Last week, a committee formed to seize and manage the assets of the banned Muslim Brotherhood (MB) ordered the freeze of assets owned by chairman of Juhayna Food Industries for alleged ties to the group.

The decision excluded the assets of Juhayna, as it is a joint stock company, according to the head of the committee.

The Egyptian listed Juhayna signed in July a strategic partnership agreement with Denmark’s Arla Foods to form a joint venture, in which Juhayna owns 51 percent, and Arla Foods owns the remaining 49 percent.

The new venture will operate under the name of “ArJu for Food Industries,” and it is scheduled to launch in October 2015. ArJu is expected to create around 100 direct jobs.

On Thursday, state news agency MENA reported that the EGX would freeze company shares owned by its chairman Safwan Thabet, upon receiving an official request.

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