Abraaj Capital Ltd., the Dubai-based private equity company managing about $6.2 billion, is in talks with Citadel Capital SAE to buy a stake in the Egyptian firm, two people with knowledge of the talks said.
The shares of Citadel Capital headed for the biggest gain this month, climbing 4.2 percent to 5.90 Egyptian pounds at 12:26 p.m. in Cairo. They surged as much as 8.8 percent earlier.
Abraaj hasn’t made an official offer to Cairo-based Citadel Capital yet, according to the people, who asked not to be identified because the talks are private. Citadel Capital Chairman Ahmed Heikal declined to comment when contacted by Bloomberg News today. A spokesman for Abraaj Capital, speaking on condition of anonymity in line with company policy, said the firm had no comment.
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