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Citadel Capital ups ASEC Cement stake

by CW Staff on Feb 21, 2010

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El-Khazindar: Aims to create one of the largest cement producers in the MEA region.

ASEC Holding, part of Citadel Capital, has bought 9.48% of ASEC Cement for US $ 80 million in cash and shares, increasing its stake in the company to 61.04%.

The seller is the Emirates International Investment Company (EIIC), a long-time limited partner in a number of Citadel Capital’s Opportunity Specific Funds (OSFs) and a shareholder in the firm.

“Our aim in building out ASEC Cement is to create one of the largest and most efficient independent cement producers in the Middle East and Africa,” said Hisham El-Khazindar, managing director and co-founder, Citadel Capital.

“We are well on our way, and EIIC’s decision to reinvest a large portion of the proceeds from its exit of ASEC Cement into ASEC Holding through a capital increase is a testament to our limited partners’ belief in this goal.”

Citadel Capital is a private equity firm that works through vehicles called ‘Opportunity Specific Funds’ (OSFs). Its 18 OSFs now oversee investments worth around US$ 8.3 billion in 15 industry sectors.

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