Egypt's Citadel Capital has postponed plans for the initial public offering (IPO) of its electricity and natural gas distributor Taqa Arabia because of lower valuation prospects, a senior executive said on Monday.
The private equity firm, which originally planned to list shares of Taqa Arabia in June, now sees an IPO by late 2011, said Stephen Murphy, managing director for institutional fundraising at Citadel.
"If public markets were closed in Egypt for a while, it's only natural that you are not going to get full value for your investments," he said.
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