Citadel Capital (CCAP.CA on the Egyptian Exchange) would like to confirm media reports concerning the formation a new subsidiary “Citadel Energy” to consolidate its core downstream energy investments, as part of its transformation into an investment holding company controlling majority stakes in five core industries: energy, transportation, agrifoods, mining and cement. Citadel Capital would also like to disclose that it is in the midst of serious discussions with Development Finance Institutions to help finance the new entity as part of ongoing efforts to help resolve Egypt’s energy problems.