Abraaj Capital Ltd., the Dubai-based private equity company managing about $6.2 billion, may hire Morgan Stanley as an adviser on the planned acquisition of a stake in Egyptian private equity firm Citadel Capital SAE , two people familiar with the situation said.
Egypt’s Citadel Capital SAE will “aggressively” sell assets in “non-core” industries after it completes a capital increase, as it transforms itself from a private equity firm into an investment company, said Chairman Ahmed Heikal.
Citadel Capital SAE, an Egyptian private equity firm with $4 billion in assets under management, rose to the highest in almost three months on speculation it is closer to selling a stake to Dubai-based Abraaj Capital Ltd.
Citadel Capital Corp ., the biggest publicly traded Egyptian private equity firm, said one of its units, the Egyptian Refining Co., obtained a $2.6 billion loan to help finance construction of a $3.7 billion oil refinery.
Citadel Capital SAE , an Egyptian private equity firm with $4 billion of assets under management, posted a narrower loss in the third quarter from the previous quarter on the start of “multiple greenfield projects.”