Citadel Heads For Biggest Gain In 5 Weeks On ERC Loan

Citadel Capital SAE (CCAP.CA), an Egyptian private equity firm, is poised for the biggest advance in five weeks after signing a renewal agreement for a $2.6 billion loan to finance the design, construction, and operation of the Egyptian Refining Compnay (ERC)’s US$ 3.7 billion Greenfield petroleum refining upgrade project in Mostorod area of Greater Cairo.

Shares of the Cairo-based company climbed 2.33% to close at EGP 2.63 on Sunday closing, heading for the biggest daily increase since May 6.

Citadel Capital met with lenders and Egyptian Prime Minister Kamal el-Ganzouri on June 7 to discuss the project, it said today in a filing to the Egyptian bourse. Financing for the $3.7 billion refinery is expected to close “soon,” Citadel said.