Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has sold 16% of its holding in a convertible loan to ASEC Holding at face value and accumulated interest up to January 20th, 2014 for a consideration of US$ 13 million
“As 2014 continues, we remain exceptionally focused on three things and only three things as part of our transformation: Closing our capital increase by the end of March; driving improvements in the performance of our core investments; and disposing of our non-core holdings at the right times and the right prices,” said Citadel Capital Chairman and Founder Ahmed Heikal.
“We view this transaction on the ASEC Holding convertible as a modest rebalancing of our investment that will provide us with additional liquidity at the Citadel Capital level to deleverage the company and drive improvements across our portfolio.”
Following the transaction, Citadel Capital continues to hold an effective 46% of the convertible loan to ASEC Holding. Meanwhile, the firm owns an effective 67.1% of ASEC Holding, a leading regional cement and construction company that will control 10 MTPA of cement production capacity by 2016.
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 citadelcapital.com
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.)
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002