Ahmed Heikal, Citadel Capital Chairman and Founder, said the company has increased its stakes in Wafra, the firm’s platform for agriculture investments in Sudan and South Sudan, to 100% as part of the firm’s program to focus on core platform investments while divesting smaller, non-core assets.
Management sees strong growth potential in Wafra based on early harvest results and the pace of development in both Sudan and South Sudan.
Heikal noted that Wafra has posted operation losses of $600.000 (EGP3.6 million) during the first quarter of 2012.
Elsewhere, Heikal mentioned that Citadel Capital (CCAP.CA) made substantial progress toward financial close on the Egyptian Refining Company (ERC), which is building a US$ 3.7 billion greenfield petroleum refinery in the Greater Cairo Area. The project achieved financial close in the second quarter with total equity investments of US$ 1.1 billion and a US$ 2.6 billion debt package. Participants in the equity component include leading investors from Egypt, the Gulf Cooperation Council (GCC) and international Development Finance Institutions (DFIs).
