Citadel to list shares on stock exchange.

CAIRO: Egyptian private equity firm Citadel Capital, which manages $8.3 billion in assets, will soon list its shares on the Egyptian Exchange, Al-Mal newspaper wrote in its Sunday edition, without citing a source.

The listing will allow some of Citadel's shareholders to liquidate a part of their positions and help the company raise new capital easily as it grows, Egypt's HC Securities wrote last week in a pre-listing report on Citadel.

"Citadel plans to undertake a $200 million rights issue after its listing," HC wrote in the report.

Citadel Capital had no comment on the reports.

The company has said in recent press statements that it was monitoring financial markets for an IPO of its own shares or those of companies it has set up.

Citadel has created 17 companies to invest in the Middle East and Africa, each specializing on a specific economic sector.

It has been raising money for two new funds that will be used to create another two companies in the coming months, Citadel Chairman Ahmed Heikal told Reuters in an interview last month.

Citadel has a capital of LE 661.6 million ($121 million), 40 percent of which is owned by Citadel Capital partners, the HC Securities report said.

In a best-case scenario, the company's market capitalization would be LE 16.55 billion post-listing and in a worst case scenario LE 7.75 billion, the HC report estimated.

Daily NewsEgypt 2009

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