Citadel Capital to Acquire 49% of Sphinx Glass, DH Investors Limited to Participate in Upcoming Citadel Capital Share Issuance

Citadel Capital has signed a sale and purchase agreement to acquire a 49% stake in float glass manufacturer Sphinx Glass from DH Investors Limited. Meanwhile, DH Investors Limited has confirmed it will participate in Citadel Capital's upcoming EGP 3.64 billion (c. US$ 521 million) share issuance

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments under control, reported today closure on a major milestone as part of its ongoing transformation process.

As part of the transformation, the firm’s business model is transitioning from private equity to that of an investment company. Citadel Capital shareholders will meet on 9 October 2013 to approve an EGP 3.64 billion share (c. US$ 521 million) issuance at par value (EGP 5) that would see the firm’s paid-in capital rise to EGP 8.0 billion (c. 1.1 billion). The proposed capital increase would be used to reach 51-100% ownership in most of its core platform companies, in particular the firm’s subsidiaries in its five core industries: Energy, Transportation, Agrifoods, Mining and Cement.

“We have reached today a sale and purchase agreement (SPA) that will see Citadel Capital acquire an additional 49% stake in Sphinx Glass, a leading producer of float glass and portfolio company of GlassWorks. The selling party will be DH Investors Limited, a valued long-term co-investor of Citadel Capital,” said Citadel Capital Founder and Chairman Ahmed Heikal.

“At the same time, I am pleased to announce that DH Investors Limited will simultaneously be subscribing to our new share issuance, provided the issuance receives shareholder approval at the upcoming extraordinary general meeting,” Heikal noted.

The value of the transaction under the SPA, which covers 100% of DH Investors Limited’s ownership of Sphinx Glass, was not immediately disclosed.

GlassWorks is Citadel Capital’s platform company in the regional glass manufacturing industry and includes portfolio companies Sphinx Glass and Misr Glass Manufacturing (MGM). Sphinx Glass owns a 600-ton-per-day, 220,000-square-meter greenfield float glass production facility in Sadat City. The company began full operations in April 2010 and is a leading supplier to both export and domestic markets.

Sphinx Glass reported an 18.0% year-on-year rise in sales in the first half of 2013 to EGP 179.4 million, while EBITDA in the same period rose 45.8% to EGP 50.3 million.

The acquisition from DH Investors Limited, when executed, will give Citadel Capital an effective 59.7% stake in Sphinx Glass.


Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading investment company in Africa and Middle East. Citadel Capital controls investments of US$ 9.5 billion and focuses on 5 core industries: Energy, Transportation, Agrifoods, Mining, and Cement. For more information, please visit

Forward-Looking Statements
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Citadel Capital. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Citadel Capital is subject to risks and uncertainties.

For more information, please contact: 

Ms. Ghada Hammouda
CMO & Head of Corporate Communications
Citadel Capital (S.A.E.) (click to reveal this email)

Tel: +20 2 2791-4439
 Fax: +20 22 791-4448
Mobile: +20 106 662-0002