Citadel Capital, the leading investment company in Africa and the Middle East, has exited its full 66.12% stake in Sudanese Egyptian Bank 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 programme 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.”
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, adding that proceeds from the divestment programme will be used to ‘both deleverage and fuel growth at core subsidiaries’.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/28042014/citadel_capital_focuses_on_core_industries_86/