Egyptian dairy group Juhayna Food Industries today (29 April) insisted that its short-term focus is on recovering from a major fire and played down talk that the group is preparing for an IPO.
The company, which controls 65% of Egypt’s packaged dairy goods market, confirmed that production at its Egyfood plant has been suspended following a “devastating” fire last week.
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“The fire has forced us to halt production at the facility,” a spokesperson confirmed. “The Egyfood site accounted for almost 20% of total production capacity and we are currently very focused on assessing how to deliver supplies with minimal disruption.”
Commenting on reports that the company is gearing up for a flotation on the Egyptian exchange, the spokesperson suggested that a final decision was yet to be reached.
“Our focus at present is very much in dealing with the consequences of the fire,” the spokesperson insisted.
According to local reports, Juhayna is being advised by investment bank EFG-Hermes on the possible IPO.
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By GlobalData
