Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

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

Communications

Industry Products

Media Services

Follow Us

Citadel’s NPC Sale to Sea Dragon Canceled on ‘Uncertainty’

July 24 (Bloomberg) -- Citadel Capital SAE, an Egyptian private equity firm, canceled a $147.5 million sale of National Petroleum Co. to Sea Dragon Energy Inc. because of “uncertainty” about the finalization of the deal.

The sale was called off without penalty to either side, the Cairo-based company said in a filing to the Egyptian bourse today. The agreement was reached “in light of uncertainty regarding the date on which the acquisition could be completed as well as on-going economic turbulence locally and internationally,” it said in a separate e-mailed statement.

In January, Citadel said its unit Golden Crescent Investments Ltd., had agreed to sell its stake in NPC to Canada’s Sea Dragon. Financing for the deal, which was approved by the buyer’s shareholders, was already arranged for, Sea Dragon said in a separate statement.

Shares of Citadel Capital retreated for the first time in three days, losing 0.7 percent to 3.04 Egyptian pounds at 10:55 a.m. in Cairo. That values the firm at 2.51 billion pounds.

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

To contact the editor responsible for this story: Digby Lidstone at dlidstone@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.