Citadel Capital announces plan to re-open, notes that no staff in Egypt or the 13 other nations in its investment footprint have come to harm during recent events nation-wide.
The events of recent weeks across North Africa have been momentous, nowhere more so than in Egypt, the nation in which Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in the Middle East and Africa with US$ 8.6 billion in investments under control, is headquartered.
Citadel Capital confirms today that none of our staff in Egypt or the 13 other nations in our investment footprint have come to harm during recent events.
Moreover, the firm’s executive committee and senior management have been meeting on a daily basis at the firm’s headquarters in Cairo to discuss the immediate operational repercussions as well as the long-term strategic implications of the events as they have unfolded.
Citadel Capital plans to resume full operations this coming Sunday, 6 February 2011. Operations in other nations have continued uninterrupted throughout recent developments in Egypt.
The situation on the ground in Egypt remains fluid. Events of the past week may have a short-term impact on both our investment and divestiture plans.
In the long term, however, Citadel Capital believes that this difficult period will result in a more stable and faster-growing Egypt and region. In the coming period, we see very compelling opportunities for long-term private equity investors in Egypt and beyond. These opportunities are underpinned by a large, young and increasingly talented workforce; by cost-factor advantages in energy and labor; by an abundance of raw materials; by proximity to major global export markets; and, not least, by consumer markets that include some 400 million Arabs and more than 1 billion Africans.
We hope, going forward, that these opportunities will be further underpinned by greater democracy and accelerated reforms.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.6 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2005-2010, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4440
Fax: +20 22 791-4448
Mobile: +20 16 662-0002