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Citadel Heads for Biggest Gain in 5 Weeks on Refinery Financing

Citadel Capital SAE, an Egyptian private equity firm, is poised for the biggest advance in five weeks after signing a renewal agreement for a $2.6 billion loan for an oil refinery.

Shares of the Cairo-based company climbed 3.1 percent to 2.65 Egyptian pounds at 2:10 p.m. in Cairo, heading for the biggest daily increase since May 6. Egypt’s benchmark EGX30 Index fell 0.3 percent.

Citadel Capital met with lenders and Egyptian Prime Minister Kamal el-Ganzouri on June 7 to discuss the project, it said today in a filing to the Egyptian bourse. Financing for the $3.7 billion refinery is expected to close “soon,” Citadel said.

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