Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Juhayna Gains Most in 6 Months as It Fights Monopoly Claims

Oct. 13 (Bloomberg) -- Juhayna Food Industries, Egypt’s biggest producer of packaged milk, rose the most in six months after filing documents with Egypt’s antitrust commission in response to claims of monopolistic practices.

Shares of the Cairo-based company climbed 4.8 percent, the most since April 13, to 4.82 Egyptian pounds at the 2:30 p.m. close in Cairo. The benchmark EGX 30 Index gained 2.6 percent. The documents filed by Juhayna defend against allegations it is not paying a fair price for raw milk from farmers, Al Alam Al Youm reported today. The company agreed with farmers to link the milk price to what the farmers pay for fodder, the Cairo-based newspaper cited Juhayna’s deputy financial manager Sameh El Hudeibi as saying.

“From the company’s communications and financials, it is evident they are not paying a fixed price for raw milk, which is what some of the farmers are claiming,” said Shaymaa El Nemr, an equity analyst at Cairo-based Pharos Holding who has a “hold” rating on the stock. “The fluctuation in the price they are paying farmers supports the company’s position.”

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.