Bloomberg News

Citadel Capital Falls After National Petroleum Co. Sale Delayed

May 02, 2012

Citadel Capital SAE (CCAP), a Cairo-based private equity firm, headed for the biggest daily loss in more than a month after the sale of its stake in National Petroleum Co. Egypt Ltd. was postponed.

The shares of Citadel retreated 3.8 percent, the steepest drop since March 25, to 3.04 Egyptian pounds, at 1:08 p.m. in Cairo. The benchmark EGX 30 Index (EGX30) fell 1 percent.

Canada’s Sea Dragon Energy Inc. (SDX) said April 30 it reached a non-binding agreement with Golden Crescent Investments Ltd., a unit of the Cairo-based private equity firm, to extend the date of its acquisition of Golden’s National Petroleum. The $147.5 million transaction has been delayed until Aug. 8. Golden has the right to seek an alternative buyer by Aug. 1.

Citadel spokeswoman Ghada Hammouda didn’t answer a call and a text message to her mobile phone.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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