CAIRO: Citadel Capital (CCAP), a leading investment company in Africa and the Middle listed on the Egyptian Exchange, announced Tuesday it had received an offer to sell 100 percent of Sphinx Glass for an equity value worth $112 million.
“Citadel Capital owns a 73.3 percent stake in the “non-core portfolio company” Sphinx Glass, meaning it will obtain sales proceeds of around 73 million EGP ($10 million) after tax,” the company said in a Tuesday statement. The rest of the shares are owned by CCAP’s investment partners.
Sphinx Glass produces 200,000 tons of float glass annually. It is one of the largest float glass producers in the MENA region. In 2013 it registered 393 million EGP in sales.
After completing a capital increase to 8 billion EGP, Citadel Capital acquired majority stakes in most of its core energy, transportation, agri-foods, mining and cement subsidiaries.
Commenting on the offer, Hisham El-Khazindar, Citadel Capital Co-Founder and Managing Director, said in the statement, “We are exiting our investment in the company (Sphinx Glass) as part of the execution of our new strategy to divest from non-core assets in a timely manner at the right valuations as we transform into an investment holding company with a narrower focus.”
Two weeks ago, the company announced that it is set to establish the Citadel Company for Energy in Egypt, noting that the company was conducting serious negotiations with international institutions to establish the company.
Citadel Capital has recently sold a 66.1 percent stake in the Sudanese Egyptian Bank for $22 million per its strategy of divestiture from non-core industries.