CAIRO: AlembicHC cut its price target on Citadel Capital SAE by 39 percent to LE 4.19, and estimated that the Egyptian private equity firm faces about $269 million in fund shortage from the fourth quarter of 2011 through 2013.
However, liquidity concerns are largely overdone as the company is close to finalizing a debt refinancing deal that should roll over its existing debt for another five years, the brokerage said.
Citadel also has other financing options available such as small divestitures, recovering loans advanced to platforms and continued support from Citadel Capital Partners, AlembicHC said, and kept its "overweight" rating on the stock.
Shares of the Cairo-based Citadel Capital were trading down 3 percent at LE 2.94 on Monday.
