Egypt's Citadel sells stake in Sudanese Egyptian Bank at $22m

Egypt's Citadel Capital, the leading investment company in Africa and the Middle East, said on Sunday it was selling its majority stake in the Sudanese Egyptian Bank to the Islamic Solidarity Bank of Sudan for 22 million dollars. In a press release, a copy of which was obtained by MENA, Chairman and Founder of Citadel Capital Ahmed Heikal said that the move is part of a program to shed non-core assets and focus on energy, transport, agrifoods, mining and cement across a footprint that concentrates on Egypt, North Africa and East Africa. The Citadel stake in the Sudanese Egyptian Bank was 66.1 percent. Citadel Capital subsidiaries in Sudan operate in sectors including cement (leading cement producer Al-Takamol Cement Co.); agrifoods (Rashidi for Integrated Solutions, leading Sudanese confectioner Al-Musharraf, and large-scale farm Sabina); and transportation (NRTC Keer Marine, a division of river transport company Nile Logistics