Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Citadel Capital Falls to 2-Month Low After Stake Sale Fails

Don't Miss Out —
Follow us on:

July 27 (Bloomberg) -- Citadel Capital SAE fell to the lowest level in two months after Abraaj Capital Ltd. dropped plans to buy a stake in the Egyptian private equity firm.

The shares of the Cairo-based company declined 2.2 percent to 4.96 Egyptian pounds at the 2:30 p.m. close in Cairo, the lowest level since May 26. That gave the company a market value of 3.28 billion pounds ($551 million). The benchmark EGX 30 Index retreated 0.7 percent.

Dubai-based private equity firm Abraaj said yesterday it is “no longer currently exploring a transaction with Citadel Capital.” Talks may be revived in the future “should performance, deal terms and, or circumstances change,” it said.

Citadel Capital Partners Ltd., the 33 percent owner of Citadel Capital, said an agreement that would “maximize value for all Citadel Capital shareholders equally, and adequately protect the interests of the firm’s stakeholders and co-investors” couldn’t be reached.

To contact the reporter on this story: Ahmed A Namatalla in Dubai at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.