Egyptian private equity firm Citadel Capital said on Monday it will focus on improving the management of the companies it controls after it narrowed its losses in the third quarter.
The Cairo-based firm, which manages $4 billion in assets mainly in the Middle East and East Africa, controls 19 platform companies that in turn own stakes in other companies.
"Our emphasis in the coming period will remain on ensuring platform and portfolio company business plans are fully funded (and) on ensuring that the right management teams are in place," it said in a statement.
"We will focus as well on the creation of clear synergies and operational efficiencies across our portfolio to building additional value."
The company said it narrowed its third-quarter consolidated net loss to LE 29.6 million ($5.1 million) from a LE 94.8 million loss in the second quarter after a recovery at one of its firms and operations beginning at others.
It did not give comparison figures for the third quarter of 2009.
The smaller loss was "largely on the back of a completed turnaround at ARESCO … and the start of operations at multiple greenfield projects," Citadel said in a press release.
ARESCO, a turnkey contractor, had been restructured and recently secured a contract to build a cement plant in Asyut in southern Egypt, it said.
Citadel said the Takamol greenfield cement plant in Sudan had come on stream. Takamol is controlled by Citadel platform company ASEC Holding.
Al-Shorouk newspaper reported that Gozour, a subsidiary of private equity firm Citadel Capital, has put its negotiations to acquire an Ethiopian food company on hold until political issues between Egypt and Ethiopia clear up. The acquisition was planned for the end of the year.
