After narrowing its losses in the third quarter, Egyptian private equity firm Citadel Capital will aim to improve the management of its portfolio companies, Reuters reported. The firm, based in Cairo, manages $4 billion in assets across the Middle East and Africa. It saw a net loss of 29.5 million Egyptian pounds ($5.1 million) in the third quarter of 2010, an improvement over the 94.8 million pounds it lost during the second quarter, Reuters said.
(Reuters) – Egyptian private equity firm Citadel Capital (CCAP.CA) said on Monday it will focus on improving the management of the companies it controls after it narrowed its losses in the third quarter.
The Cairo-based firm, which manages $4 billion in assets mainly in the Middle East and East Africa, controls 19 platform companies that in turn own stakes in other companies.
“Our emphasis in the coming period will remain on ensuring platform and portfolio company business plans are fully funded (and) on ensuring that the right management treams are in place,” it said in a statement.
“We will focus as well on the creation of clear synergies and operational efficiencies across our porfolio to building additional value.”
The company said it narrowed its third-quarter consolidated net loss to 29.6 million Egyptian pounds ($5.1 million) from a 94.8 million loss in the second quarter after a recovery at one of its firms and operations beginnin+-g at others.
It did not give comparison figures for the third quarter of 2009.
The smaller loss was “largely on the back of of a completed turnaround at ARESCO … and the start of operations at multiple greenfield projects,” Citadel said in a press release.
ARESCO, a turnkey contractor, had been restructured and recently secured a contract to build a cement plant in Asyut in southern Egypt, it said.
Citadel said the Takamol greenfield cement plant in Sudan had come on stream. Takamol is controlled by Citadel platform company ASEC Holding. (Reporting by Patrick Werr; Editing by Matthew Jones)