Bloomberg News

Citadel Heads for Biggest Gain in 5 Weeks on Refinery Financing

June 10, 2012

Citadel Capital SAE (CCAP), an Egyptian private equity firm, is poised for the biggest advance in five weeks after signing a renewal agreement for a $2.6 billion loan for an oil refinery.

Shares of the Cairo-based company climbed 3.1 percent to 2.65 Egyptian pounds at 2:10 p.m. in Cairo, heading for the biggest daily increase since May 6. Egypt’s benchmark EGX30 Index (EGX30) fell 0.3 percent.

Citadel Capital met with lenders and Egyptian Prime Minister Kamal el-Ganzouri on June 7 to discuss the project, it said today in a filing to the Egyptian bourse. Financing for the $3.7 billion refinery is expected to close “soon,” Citadel said.

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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