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Abraaj Capital Drops Plans to Buy Stake in Citadel Capital

July 26 (Bloomberg) -- Abraaj Capital Ltd., a Dubai-based private equity company, said it dropped plans to acquire a stake in Egyptian private equity firm Citadel Capital SAE.

Abraaj “is no longer currently exploring a transaction with Citadel Capital” the company said in an e-mailed statement today. “This does not preclude Abraaj Capital from exploring such a transaction in the future should performance, deal terms and, or circumstances change.”

Citadel said on July 17 that its first-quarter loss widened to 114.2 million Egyptian pounds ($19 million) from 33.7 million pounds as some companies in which it owns stakes were less productive amid unrest in the North African country.

The company said on June 22 that its main shareholder is holding talks with investors on the possible sale of a stake in the firm. The talks between Citadel Capital Partners Ltd. and “more than one potential strategic investor” are at an early stage, it said.

Shares of Citadel Capital dropped 1.7 percent to 5.07 Egyptian pounds at the 2:30 p.m. close of trading in Cairo today, valuing the company at 3.35 billion pounds. The announcement was made after trading hours.

No one at Citadel Capital was immediately available for comment.

To contact the reporters on this story: Arif Sharif in Dubai at asharif2@bloomberg.net; Mahmoud Kassem in Cairo at mkassem1@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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