Home » Markets & News » Company News » Citadel Capital Divests Sphinx Glass for USD 73 Million

Citadel Capital Divests Sphinx Glass for USD 73 Million

Citadel’s stake in Sphinx Glass amounted to 73,3 %; thus its share in the sale proceeds reached nearly USD 73 million after paying capital gains tax. Sphinx Glass operates with USD 80 million paid-in capital and has generated EGP 393 million revenues in the financial year 2013. Citadel decided along with its partners in Sphinx Glass to use part of the sale proceeds in paying exceptional bonuses to employees in Sphinx Glass. Citadel Capital is exiting its investment in Sphinx Glass as part of a multi-year program to shed non-core assets and focus on core subsidiaries in five industries: energy, cement, agrifoods, transportation and mining.


Related Supplier

Profiles to follow