Monday, July 12, 2010

Citadel Capital subsidiary Sphinx Glass announces start of commissioning of its EGP1.1bn float glass factory

(Source: Middle East Company News)

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in Middle East and Africa with $8.3bn in investments under control, announced today the start of commissioning at its 220,000-square-meter greenfield float glass factory. With a production capacity of 600 tons per day, the state- of-the-art, EGP1.1bn facility is one of Egypt's largest producers of float glass.

GlassWorks is a Platform Company established by Citadel Capital and a group of leading co-investors to pursue investments in the Middle East and North African glass manufacturing industry. To date, GlassWorks' investments include a 35% stake in Misr Glass Manufacturing (MGM), Egypt's leading manufacturer and exporter of glass containers, and a 51% stake in Sphinx Glass. The remaining 49% of Sphinx Glass is owned by Dubai Group. Sphinx Glass is developing a 210,000-square-meter state-of-the-art greenfield float glass manufacturing facility that will produce 220,000 tons of glass annually.

Citadel Capital is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm's 19 OSFs now control Platform Companies with investments worth more than $8.3bn in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than $2.5bn in cash returns to its co-investors and shareholders (on investments of $650m), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2005-2010, as ranked by Private Equity International).