arbitration / adr news

Edita begins international arbitration proceedings over the dispute with Shebita

13 October 2020

CAIRO – 13 October 2020: Edita Food Industries announced the start of the arbitration procedures at the Cairo Regional Center for International Commercial Arbitration regarding the dispute between the company and the Shebita Group.

The company said in a statement to the Egyptian Stock Exchange (EGX), Tuesday, that this is in terms of terminating the manufacturing and technical services contract concluded between them on April 29, 2011, and amended it on May 15, 2013.

During the first half of 2020, Edita achieved profits of LE 93.78 million, compared to LE 167.8 million in the comparative period of last year.

The company's sales declined during the period to LE 1.73 billion, compared to LE 1.84 billion in the comparative period of 2019.

As per standalone results, the company's profits fell to LE 129.66 million in 2020’s period, compared to LE 150.6 million in the first half of 2019.