Citadel Capital Divests Sudanese Egyptian Bank in US$ 22 mn SaleSource: www.export-egypt.com 4/27/2014, Location: Africa |
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Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has exited its full 66.12% stake in Sudanese Egyptian Bank (SEB) in a US$ 22 million sale to the Islamic Solidarity Bank of Sudan.
“Having helped grow it from a small, trade-focused bank into a full-fledged Islamic financial institution, we are delighted to have exited our investment in Sudanese Egyptian Bank and placed it with a strategic parent with the capacity to take it to the next level,” said Citadel Capital Chairman and Founder Ahmed Heikal. “This transaction is entirely in line with our program of divesting non-core assets to focus on proven winners in our five core industries: energy, transportation, agrifoods, mining and cement across a footprint that concentrates on Egypt, North Africa and East Africa.” Originally established to facilitate trade between Egypt and Sudan, SEB is a full-service, Shariah-compliant bank with a diverse portfolio of corporate and individual clients. Sudanese Egyptian Bank is a portfolio company of Finance Unlimited, a non-core Citadel Capital platform in the regional banking and finance industry. Citadel Capital is shedding non-core investments at appropriate times and valuations over the coming three-plus years. “This said, we will continue to be significant long-term investors in Sudan, where we see great opportunities to create value for our shareholders in the years ahead,” Heikal noted. Citadel Capital subsidiaries in Sudan operate in sectors including cement (leading cement producer Al-Takamol Cement Co.); agrifoods (Rashidi for Integrated Solutions, leading Sudanese confectioner Al-Musharraf, and large-scale farm Sabina); and transportation (NRTC Keer Marine, a division of river transport company Nile Logistics). “Proceeds from our divestment program will be used to both deleverage and fuel growth at core subsidiaries,” Heikal noted. “We are also continuing to invest in governance at the Citadel Capital and subsidiary levels to ensure we have the people and systems we need to make our growth sustainable.” |
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