Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Citadel Capital Sells 16% of its Holding in a Convertible Loan to ASEC Holding for US$ 13 Million  Join our daily free Newsletter

MENAFN Press - 23/02/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN Editorial) Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has sold 16% of its holding in a convertible loan to ASEC Holding at face value and accumulated interest up to January 20th, 2014 for a consideration of US 13 million



"As 2014 continues, we remain exceptionally focused on three things and only three things as part of our transformation: Closing our capital increase by the end of March; driving improvements in the performance of our core investments; and disposing of our non-core holdings at the right times and the right prices," sad Citadel Capital Chairman and Founder Ahmed Heikal.




"We view this transaction on the ASEC Holding convertible as a modest rebalancing of our investment that will provide us with additional liquidity at the Citadel Capital level to deleverage the company and drive improvements across our portfolio.



Following the transaction, Citadel Capital continues to hold an effective 46% of the convertible loan to ASEC Holding. Meanwhile, the firm owns an effective 67.1% of ASEC Holding, a leading regional cement and construction company that will control 10 MTPA of cement production capacity by 2016.


About Citadel Capital
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading investment company in Africa and Middle East. Citadel Capital controls investments of US 9.5 billion and focuses on 5 core industries: Energy, Transportation, Agrifoods, Mining, and Cement. For more information, please visit citadelcapital.com.

 


MENAFN Press




  MENA News Headlines
 Feb 22 2017 - Saudi King Meets U.S. Senator John McCainQatar News Agency
(MENAFN - Qatar News Agency) QNA) - Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud met on Tuesday with U.S. Senator John McCain. During the meeting, the two sides reviewed ...

 Feb 22 2017 - Saudi Deputy Crown Prince Meets U.S. Senator John McCainQatar News Agency
(MENAFN - Qatar News Agency) Riyadh, February 21 (QNA) - Saudi Deputy Crown Prince, Second Deputy Premier and Minister of Defense, Mohammed bin Salman bin Abdulaziz, met on Tuesday with U.S. ...

 Feb 22 2017 - Lavrov: Russia Ready to Contribute to Enhancing Security of Baltic, ArcticQatar News Agency
(MENAFN - Qatar News Agency) Moscow, February 21 (QNA) - Russian Foreign Minister Sergei Lavrov confirmed his country's readiness to participate in different initiatives for enhancing the security ...

 Feb 22 2017 - Greek President Meets Saudi FMQatar News Agency
(MENAFN - Qatar News Agency) Riyadh, February 21 (QNA) - Greek President Prokopios Pavlopoulos on Tuesday met Saudi Foreign Minister Adel bin Ahmed Al-Jubeir. During the meeting, the two sides ...

 Feb 22 2017 - U.S. Reveals New Deportation PolicyQatar News Agency
(MENAFN - Qatar News Agency) Washington, February 21 (QNA) - The U.S. Homeland Security Department on Tuesday revealed new policy guidelines for deporting undocumented immigrants, expanding the ...

 Feb 22 2017 - 2 Additional N. Koreans Identified as Being Linked to Kim Jong-nam's MurderQatar News Agency
(MENAFN - Qatar News Agency) Kuala Lumpur, February 22 (QNA) - Malaysian police said Wednesday they identified two additional North Koreans, including a diplomat, as being linked to the murder of ...

 Feb 22 2017 - South Sudan Leader Vows to Fight FamineQatar News Agency
(MENAFN - Qatar News Agency) Juba, February 22 (QNA) - South Sudan's President Salva Kiir vowed that the government would ensure that aid reaches areas hit by famine after three years of war that has ...

 Feb 22 2017 - Australian Prime Minister Meets Israeli CounterpartQatar News Agency
(MENAFN - Qatar News Agency) Canberra, February 22 (QNA) - Australian Prime Minister Malcolm Turnbull met here Wednesday with his Israeli counterpart Benjamin Netanyahu, who is the first Israeli ...

 Feb 22 2017 - Turkish Forces Kill 14 ISIS Militants in Northern SyriaQatar News Agency
(MENAFN - Qatar News Agency) Ankara, February 22 (QNA) - Turkish forces killed at least 14 ISIS militants in northern Syria in the last 24 hours, according to the Turkish military Wednesday. In a ...

 Feb 22 2017 - Sudanese President Affirms to Continue Dialogue with US on Ties NormalizationQatar News Agency
(MENAFN - Qatar News Agency) Khartoum, February 22 (QNA) - Sudan's President Omar al-Bashir affirmed on continuing the dialogue with the US administration to reach the full normalization of relations ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help