Citadel Capital Corp. may sell at least one investment by year-end and list one of its oldest energy units by June, the chief financial officer of Egypt’s largest publicly traded private equity firm said.
Citadel, which invests in energy, mining, cement, agriculture, transportation and retail businesses across the Middle East and East Africa, posted a second-quarter loss of 95 million Egyptian pounds ($16.7 million), the second consecutive quarterly loss since the company listed on the Egyptian exchange in December. Profit for the three months was 300,000 pounds on a standalone basis, which excludes early-phase investments.
“We aren’t going to exit just to make the numbers look good,” Chief Financial Officer Ahmed El Shamy said in an Aug. 25 interview in Cairo. “But we are considering making these exits when we feel we can maximize value for our shareholders.”
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