The Egyptian Stock Market (EGX) received an alert from the general prosecutor on Wednesday to stop trading on stocks of businessman Safwan Thabet. The EGX implemented the decision.
The Judicial committee assigned to count and manage funds belonging to the Muslim Brotherhood announced last Thursday a decision to freeze the assets of Juhayna Food Industries CEO Safwan Thabet.
The decision excluded Juhayna, which is Egypt’s top dairy company, and it is unlikely to be affected by the move against its CEO.
However, UK-based Abderdeen Asset Management raised its stake in Juhayna Food Industries to 5.08%, up from 4.38%, the company said in a Thursday statement.
Thabet is accused of being affiliated with the outlawed Muslim Brotherhood, as he is a relative of a former supreme guide of the group.
Meanwhile, the stock market’s main index EGX-30 dropped by 0.94%, registering at 7172.6 points.