{"id":677870,"date":"2025-12-24T00:00:00","date_gmt":"2025-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=677870"},"modified":"2025-12-24T12:10:48","modified_gmt":"2025-12-24T12:10:48","slug":"juhayna-drops-competitor-clause-after-fra-intervention-clearing-path-for-baladnas-board-push","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/24\/juhayna-drops-competitor-clause-after-fra-intervention-clearing-path-for-baladnas-board-push\/","title":{"rendered":"Juhayna drops competitor clause after FRA intervention, clearing path for Baladna\u2019s board push"},"content":{"rendered":"

The boardroom battle to block a Qatari competitor from taking seats on Juhayna\u2019s board <\/strong>shows no sign of ending soon. <\/strong>Shareholders of Juhayna Food Industries, the nation\u2019s 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\u2019s articles of association at an extraordinary general meeting (EGM) last Thursday.<\/p>\n

Bylaw tripwire:<\/strong> 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<\/a> and here<\/a>, both pdfs.)<\/p>\n

Why it matters:<\/strong> 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<\/a>. By reversing course on the bylaw tripwire, there\u2019s no bespoke barrier in the EGX-listed company\u2019s articles that would prevent Baladna from nominating someone to the board at Juhayna\u2019s next ordinary general meeting. <\/p>\n

Baladna may have tried to make another play at last week\u2019s meeting<\/strong>, but was shot down on procedural grounds \u2014 the EGX filings show that the board dismissed an \u201coral request\u201d made by a Baladna rep on the grounds that the EGM lacked the authority to discuss the request.<\/p>\n

JUFO is wrapping itself in the flag: <\/strong>The Juhayna board\u2019s statement following the August vote had emphasized the company\u2019s \u201ccommitment to protecting its identity as an Egyptian national entity.\u201d The reversal last week suggests the FRA drew a line on using bylaws to freeze out minority shareholders, even competing ones.<\/p>\n

What\u2019s next: <\/strong>The battle for board seats at the Thabet family-controlled giant will likely move to Juhayna\u2019s next OGM, where Baladna can formally nominate candidates. We\u2019d expect the meeting to take place in spring, after Juhayna closes its FY2025 books, to review the company\u2019s financial statements and dividend policy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Thabet family\u2019s dairy giant drops its competitor clause after a regulatory rebuke \u2014 but the battle with Qatari rival Baladna is far from over<\/p>\n","protected":false},"author":1,"featured_media":677871,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12206],"tags":[1305,12412,828,72,12411,7128,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-677870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies","tag-baladna","tag-companies","tag-dairy","tag-enterpriseam","tag-juhayna-food-industries","tag-ma-watch","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"2b5bcf05-ed28-4a4e-a2e6-026bf7cff307","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/12\/1174.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Juhayna drops competitor clause after FRA intervention, clearing path for Qatari shareholder\u2019s board push","related_issue":[677862],"teaser":"The Thabet family\u2019s dairy giant drops its competitor clause after a regulatory rebuke \u2014 but the battle with Qatari rival Baladna is far from over"},"yoast_head":"\nJuhayna drops competitor clause after FRA intervention, clearing path for Baladna\u2019s board push - 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The firm bought a total of 1.4 mn shares in Juhayna, at an average\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/347.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589461,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/04\/qatars-baladna-now-owns-15-of-juhayna\/","url_meta":{"origin":677870,"position":1},"title":"Qatar\u2019s Baladna now owns 15% of Juhayna","author":"enterpriseam admin","date":"4 July 2023","format":false,"excerpt":"Baladna is now Juhayna\u2019s second largest shareholder","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/53.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544524,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/","url_meta":{"origin":677870,"position":2},"title":"Qatari dairy firm Baladna acquires 5% of Juhayna + Compass ups share in Rameda","author":"enterpriseam admin","date":"8 March 2022","format":false,"excerpt":"Qatar\u2019s Baladna acquires 5% stake in Juhayna: Qatari dairy firm Baladna has acquired a 5% stake (47.1 mn shares) in leading Egyptian dairy company Juhayna (JUFO) for EGP 285.8 mn, the firm said in a disclosure to the Qatar Stock Exchange. That works out to an average price per share\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608756,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/25\/qatars-baladna-is-planning-to-invest-usd-1-5-bn-in-our-dairy-industry\/","url_meta":{"origin":677870,"position":3},"title":"Qatar\u2019s Baladna is planning to invest USD 1.5 bn in our dairy industry","author":"enterpriseam admin","date":"25 October 2023","format":false,"excerpt":"Got milk? The Suez Canal Authority signed a joint cooperation memorandum with Qatari dairy producer Baladna that will see USD 1.5 bn invested into developing the local dairy production and processing industry, according to a cabinet statement released yesterday. The project will enhance food security, create jobs, and reduce the\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547089,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/qatari-companies-are-looking-to-pour-investments-into-egypt\/","url_meta":{"origin":677870,"position":4},"title":"Qatari companies are looking to pour investments into Egypt","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"Qatari companies have an appetite for Egyptian investments: A number of Qatari companies have expressed interest in investing in Egypt during meetings with GAFI head Mohamed Abdel Wahab, who is on a multi-day visit to Doha to pitch Egypt as an attractive investment destination, according to a cabinet statement out\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/190.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594364,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/earnings-watch-juhayna-reports-3q2019-results\/","url_meta":{"origin":677870,"position":5},"title":"Earnings watch: Juhayna reports 3Q2019 results","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"EARNINGS WATCH- Juhayna Food Industries\u2019 3Q2019 profit fell 8% y-o-y to EGP 111 mn, the dairy producer said in its earnings statement (pdf). Revenues during the quarter increased 6% to reach EGP 2.04 bn.","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/677870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=677870"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/677870\/revisions"}],"predecessor-version":[{"id":678046,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/677870\/revisions\/678046"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/677862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/677871"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=677870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=677870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=677870"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=677870"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=677870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}