19 March 2014       Download

Leading regional investment company in advance stages of divestment of a leading Sudan-based bank as part of its program to shed non-core assets over the coming three years\n\n\nCitadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, is in the final stages of negotiations to divest the Sudanese Egyptian Bank (SEB).\n\nOriginally 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.\n\n“A key part of our transformation into an investment company that is a leader in African infrastructure and resources is our divestment of non-core holdings,” noted Citadel Capital Chairman and Founder Ahmed Heikal. “We are very comfortable that we will shortly reach an agreement to divest Sudanese Egyptian Bank, which we have helped grow from a small, trade-focused bank at acquisition in 2006 into a full-fledged Islamic financial institution that serve thousands of corporate and individual clients alike.”\n\nCitadel Capital is divesting non-core assets to focus on five core industries: energy, transportation, agrifoods, mining and cement across a footprint that concentrates on Egypt, North Africa and East Africa. Non-core investments are being divested at appropriate times and valuations over the coming three-plus years.\n\nIn addition to Sudanese Egyptian Bank, Finance Unlimited also holds stakes in Egyptian investment bank Pharos Holding and leading microfinance player Tanmeyah.\n\nCitadel Capital’s direct ownership of SEB stands at 66.12%.