The indirect stake of Safwan Thabet, Juhayna’s Chairman & CEO, in Juhayna is officially frozen, according to a release from the committee responsible for seizing and managing Muslim Brotherhood Assets. Thabet's indirect stake represents c7.2% of the company’s shares (he owns 14.2% of Pharon Investment Fund that owns 51% of Juhayna as per various news outlets). This is merely a procedural move that is part of the chairman's asset freeze announced back in August 2015. It should not have a material impact on the company, in our view. We will keep you posted with further developments. (Mubasher, Al Mal, Hatem Alaa, Nada Amin)