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Citadel Capital Sells 16 per cent of its holding in a convertible loan to ASEC Holding

February 23, 2014

Citadel Capital has sold 16 per cent of its holding in a convertible loan to ASEC Holding at face value and accumulated interest up to January 20th, 2014 for a consideration of $13 million.

"As 2014 continues, we remain exceptionally focused on three things and only three things as part of our transformation: Closing our capital increase by the end of March; driving improvements in the performance of our core investments; and disposing of our non-core holdings at the right times and the right prices," said Citadel Capital Chairman and Founder Ahmed Heikal.

"We view this transaction on the ASEC Holding convertible as a modest rebalancing of our investment that will provide us with additional liquidity at the Citadel Capital level to deleverage the company and drive improvements across our portfolio."

Following the transaction, Citadel Capital continues to hold an effective 46 per cent of the convertible loan to ASEC Holding. Meanwhile, the firm owns an effective 67.1 per cent of ASEC Holding, a leading regional cement and construction company that will control 10 MTPA of cement production capacity by 2016.

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Source: CPI Financial

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