Ahmed El-Shamy played a key role in helping transform Citadel Capital into the leading private equity firm in Africa and the Middle East
Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in Africa and the Middle East with US$ 9.5 billion in investments under control, announced today the departure of Managing Director and Chief Financial Officer Ahmed El-Shamy.
El-Shamy remains a shareholder in Citadel Capital through his stake in Citadel Capital Partners Ltd., which, with 28.23% of the firm’s equity. is Citadel Capital’s lead shareholder.
In addition to his role as a member of the Executive Committee and of the Board of Directors, El-Shamy was a member of the Investment Committee, which makes decisions regarding acquisitions and divestitures as well as existing businesses and its management’s performance. He joined the firm in 2006, having previously served as Founder and Chief Financial Officer of Fayrouz International A.G. Earlier, he held a similar role with Al-Ahram Beverages Group, where he orchestrated revolutionizing a recently privatized public sector group of 14 different companies to international standards & operational best practices.
At Citadel Capital, El-Shamy, who is departing to relocate abroad, was instrumental in implementing systems of financial management and control that helped ensure the firm and its 19 platform investments weathered the back-to-back challenges of the global financial crisis and the economic fallout from the Egyptian Revolution.
“I have had a great six years with the firm. Reflecting on where we were in 2006 and where the team has brought us today is a true joy,” said El-Shamy. “The firm is truly unique and quite adaptable, having added more than US$ 325 million to its balance sheet in FY11, sharply reduced spending on recurring operating expenses, and having refinanced its standing debt facility to better suit the pace and tenor of its investments. Citadel Capital is unique not only in Egypt, but in Africa, and I expect to see great things from the firm as it grows and develops in the years ahead.”
“Ahmed El-Shamy played an instrumental role in helping build Citadel Capital into the leading investor the Middle East and Africa’s key infrastructure and resources sectors,” said Citadel Capital Chairman and Founder Ahmed Heikal. “We wish him the very best in all of his future endeavors and will always consider him a dear friend and valued colleague.”
El-Shamy leaves Citadel Capital effective 31 May 2012.
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 control Platform Companies with investments of US$ 9.0 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 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 (2006-2011, 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.)
Tel: +20 2 2791-4440
Fax: +20 22 791-4448
Mobile: +20 10 6662-0002