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Citadel Capital announces positive, prosperous progress in 2Q12

Citadel Capital reported a 6.9% quarter-on-quarter rise in total invested equity as it began drawing down funds.
Qalaa Holdings | 03.10.2012
Citadel Capital, one of the leading private equity firms in the Middle East and Africa, announced its financial results for the second quarter of 2012, reporting a 6.9% quarter-on-quarter rise in total invested equity as it began drawing down funds following financial close on a $3.7bn petroleum refining investment.

Invested AUM accordingly rose $228.8m in the quarter to $3.6bn (LE21.8bn).

Total investments under control across the firm's 15-industry footprint stood $9.5bn as of 2Q12, while the firm's standalone net loss narrowed 69.8% quarter-on-quarter and 63.4% year-on-year to $1.5m (LE9.2m).

The firm's principal investments in its own transactions rose 14.8% in the first half of the year to $1.1bn (LE6.3bn), with $138.9m in new investments this year being driven in large part by $93.4m in new equity invested in the Egyptian Refining Company (ERC), which reached financial close during 2Q12 in what stands as the largest single equity raising in Egypt since 2007 and the largest in the MENA region year-to-date.