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The boardroom battle to block a Qatari competitor from taking seats on Juhayna’s board shows no sign of ending soon. Shareholders of Juhayna Food Industries, the nation’s largest dairy products company, have reversed course on a bylaw change aimed at blocking Qatari dairy rival Baladna from seeking board representation, removing the competitor clause from the company’s articles of association at an extraordinary general meeting (EGM) last Thursday.
Bylaw tripwire: The unanimous vote to amend Article 22 strips out language approved four months ago that barred from the board anyone representing (or invested in) a competing business. The Financial Regulatory Authority (FRA) in October ruled the change was out of order, signaling it was moving to protect shareholder rights. (See disclosures here and here, both pdfs.)
Why it matters: Baladna bought into Juhayna back in March 2022 by accumulating shares on the open market and now holds a stake we think is in the 16% range. By reversing course on the bylaw tripwire, there’s no bespoke barrier in the EGX-listed company’s articles that would prevent Baladna from nominating someone to the board at Juhayna’s next ordinary general meeting.
Baladna may have tried to make another play at last week’s meeting, but was shot down on procedural grounds — the EGX filings show that the board dismissed an “oral request” made by a Baladna rep on the grounds that the EGM lacked the authority to discuss the request.
JUFO is wrapping itself in the flag: The Juhayna board’s statement following the August vote had emphasized the company’s “commitment to protecting its identity as an Egyptian national entity.” The reversal last week suggests the FRA drew a line on using bylaws to freeze out minority shareholders, even competing ones.
What’s next: The battle for board seats at the Thabet family-controlled giant will likely move to Juhayna’s next OGM, where Baladna can formally nominate candidates. We’d expect the meeting to take place in spring, after Juhayna closes its FY2025 books, to review the company’s financial statements and dividend policy.
