Citadel Capital, the leading private equity firm in the Middle East and Africa with US$ 9.5 billion in investments under control, confirmed portfolio company National Petroleum Company Egypt Ltd. (NPC Egypt) has divested the National Petroleum Company Shukheir Marine Ltd.
The acquiring party is Sea Dragon Holding Ltd., a subsidiary of Sea Dragon Energy of Canada (TSXV:SDX). Under the terms of the share purchase agreement, Sea Dragon Holding Ltd. will pay NPC Egypt US$ 250,000 in cash at closing while also assuming at closing responsibility for c. US$ 3 million of the National Petroleum Company Shukheir Marine Ltd.’s existing accounts payable.
“This transaction is the first of a number that will see us exit non-core portfolio and platform companies as part of our transformation over the coming three years into an investment company. This transaction is important because it reduces our risk and increases our focus. Our goal is simple: To create value for shareholders by holding 11 strategic investments in five industries including energy, transportation and logistics, agriculture and consumer foods, mining and cement across our core footprint in Egypt, East Africa and North Africa,” said Citadel Capital Chairman and Founder, Ahmed Heikal.
The assets of the National Petroleum Company Shukheir Marine Ltd. include a 100% participating interest in the Shukeir Marin concession containing the offshore Gulf of Suez concessions at the Shukeir Bay and Gamma oil fields.
Citadel Capital’s effective ownership of National Petroleum Company Egypt Ltd. (NPC Egypt) stands at 15.05%.