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.
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