Citadel Capital secures $21 million funding for Nile transport

Ahram Online, Tuesday 28 Jun 2011

German investment firm and European bank inject extra cash into equity group's transportation business

Egypt's Citadel Capital has secured US$21 million of funding for its National Company for Transport, an affiliate of the private equity group which is involved in the Nile transportation business. 
 
The funds came from DEG, a German investment institution, and the European Investment Bank.
 
On 19 June, Citadel got a cash boost of LE74 million ($12.4 million) after members of the executive committee sold shares in the firm, aiming to inject proceeds back into the company.
 
Last Wednesday, Citadel said it was in possible buy-out talks with more than one potential strategic partner. A source familiar with the matter said that Dubai-based Abraaj Capital had held talks with a view to possibly buying a stake in the company.
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