Majority owner of Egypt's Juhayna sells 1.2 pct of firm

The top shareholder in Egypt's largest dairy and juice company Juhayna has sold a 1.2 percent stake, the company said on Wednesday, in a deal worth around 100 million Egyptian pounds ($13.98 million).

Investment firm Pharon has sold 11.25 million shares, cutting its stake to 51.02 percent of the food company, Juhayna said in a statement.

The sale was based on the last traded price on Tuesday of 10.26 pounds per share. The statement did not identify the buyer.