CAIRO (Reuters) - Egyptian private equity firm Citadel Capital said on Saturday its consolidated net loss in 2012 narrowed by 12 percent over the previous year.
The firm lost 702.4 million Egyptian pounds in 2012 compared with 800.5 million in 2011, according to an earnings statement published in Egyptian daily newspaper Al-Shorouk.
Citadel, which says it has $9.5 billion in assets under its control, said in a statement it was changing from a "hybrid private equity business model" to an investment company.
As part of that, it was trying to get majority control of 10 "focus platforms" including energy firms such as TAQA Arabia and Egyptian Refining Company, food firms such as Gozour and Wafra, mining firm ASCOM and firms in transportation and construction.
In February the firm said it hoped to raise $300 million from divesting non-core assets within three years, predicting some businesses would benefit from an export boom because of the weak Egyptian pound.
Source: http://news.yahoo.com/citadel-says-2012-loss-narrowed-12-percent-155341869.html
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