Citadel Capital Receives Offer to Sell 100% of Sphinx Glass for US$ 112 mnSource: www.export-egypt.com 5/13/2014, Location: Africa |
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Citadel Capital (CCAP.CA on the Egyptian Exchange), a leading investment company in Africa and the Middle East, has received an offer to sell 100% of non-core portfolio company Sphinx Glass for an equity value of approximately US$ 112 million.
Sphinx Glass, a 200,000 ton per annum, state-of-the-art float glass production facility, began full operations in April 2010 and is today one of the largest independently operated float glass producers in the MENA region. In addition to being a key player in the Egyptian market, Sphinx Glass is also a significant regional and international exporter. The company specializes in the production of clear and tinted float glass and online coated glass in varying thicknesses. The company recorded EGP 393 million in sales in 2013 and is currently on target to exceed its budget for the second consecutive year. Citadel Capital will be divesting its 73.3% ownership stake in the company which will result in cash proceeds of approximately US$ 73million after the estimated capital gains tax; the balance of the equity subject to sale in the transaction is held by co-investors. “Sphinx Glass is one of the most technologically advanced facilities of its kind in Egypt. With a strong management team and the proper infrastructure already in place to build a second line, the company undoubtedly has the potential to grow into a major regional exporter,” said Citadel Capital Co-Founder and Managing Director Hisham El-Khazindar. “We are exiting our investment in the company as part of the execution of our new strategy to divest non-core assets in a timely manner at the right valuations as we transform into an investment holding company with a narrower focus,” he added. Citadel Capital has acquired majority stakes in most of its core subsidiaries in the energy, transportation, agrifoods, mining and cement industries following the conclusion of a capital increase to EGP 8 billion. The Sphinx Glass factory was designed by and operates under license of world-renowned float glass technology provider PPG Industries and was built by a leading Italian contractor. The investment leverages Egypt’s abundance of high-quality raw materials and the supply of skilled labor, both of which are key elements in the production of float glass. With the distinguished geographical location of the manufacturing base in Egypt; Sphinx Glass is well suited to service both domestic as well as export markets. Due diligence on Sphinx Glass has been completed in the past period. Subject to the finalization of a sale and purchase agreement, the transaction for the sale of 100% of Sphinx Glass is expected to close during the next two months. The divestiture of non-core industries, the most recent of which was the US$ 22 million sale of a 66.1% stake in the Sudanese Egyptian Bank, will continue over the coming three years. |
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