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Citadel Capital AUM up 7.1 per cent

Citadel Capital, a private equity firm in the Middle East and Africa, has reported a 7.1 per cent rise in total assets under management to USD4.0bn (EGP23bn) for the third quarter of 2010 as it recognised USD265.4m in new equity raised year-to-date.

Third-party fee-earning AUM rose 6.0 per cent to USD2.0bn in the same period.
The USD265.4m in new AUM includes USD140m for the MENA and Africa Joint Investment Funds and USD100m in financing from the US Overseas Private Investment Corporation.
“With the start of operations at six greenfields so far this year, USD2.6bn in debt signed for the Egyptian Refining Company and strong operational performance at other platforms, our execution risk continues to fall,” says Citadel Capital chairman and founder Ahmed Heikal. “This has not gone unnoticed by the regional investors who are our core LPs, nor by the sophisticated global institutional LPs that are looking to Citadel Capital to gain exposure to Africa’s highly promising markets. This momentum has fed straight into important new fundraising in the past quarter.”
The firm reported net income of USD3.2m (EGP18.4m) on revenues of USD7.7m (EGP44.1m) on a standalone basis, a rise from net earnings of USD0.05m (EGP0.29m) in 2Q10.
Citadel Capital saw a sharp narrowing of its consolidated loss in 3Q10 to USD5.1m (EGP29.6m) compared with a net loss of USD16.5m (EGP94.8m) the previous quarter, largely on the back of a completed turnaround at Aresco, a key ASEC holding portfolio company, and the start of operations at multiple greenfield projects.
In addition to equity fundraising in the quarter, 3Q10 also saw the signing of a USD2.6bn debt financing package for the Egyptian Refining Company, Citadel Capital’s platform company in the Egyptian petroleum refining industry.

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