Bloomberg News

Juhayna Jumps Most on Record as Unit to Receive Insurance Payout

November 29, 2011

Nov. 29 (Bloomberg) -- Juhayna Food Industries, Egypt’s biggest producer of packaged milk, rose the most on record after one of its units completed an insurance compensation agreement for a 2010 factory fire.

Shares of the Cairo-based company climbed 10 percent, the most since they were listed in June 2010, to 4.29 Egyptian pounds at 11:50 a.m. in Cairo. The benchmark EGX 30 Index gained 5.3 percent.

Juhayna said its unit, the Egyptian Co. for Food Industries, has signed the final agreement for a 93.7 million- pound ($15.6 million) insurance settlement.

--Editors: Peter Branton, Ash Kumar

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


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