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FINANCIAL NEWS
Egypt’s Citadel Capital cuts loss to USD101m in 2012
12 May 2013
(MENAFN) Egypt’s Citadel Capital announced that it managed to reduce its consolidated net loss by 12 percent in 2012 from a year earlier to USD101 million, reported Reuters.
The private equity company added that it was changing from a hybrid private equity business model to an investment firm, thus, trying to control a majority of 10 focus platforms, including energy company TAQA Arabia and Egyptian Refining Company.
Its plan also covers food companies, including Gozour and Wafra, mining company ASCOM, in addition to firms in transportation and construction.
It is worth noting that Citadel, which reported a loss of USD114.65 million in 2011, has USD9.5 billion in assets under management.
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