In a statement to the stock market on Thursday, leading investment company Citadel Capital announced that it has signed a contract to sell 100% of Sphinx Glass Co., subsidiary, to Construction Materials UAE, a unit of KSA-based Construction Products Holding Co., at a total value of $114.2 million (EGP 816 million).
Citadel’s stake in Sphinx Glass amounted to 73.3%; thus its share in the sale proceeds reached nearly $73 million (EGP 522 million) after paying capital gains tax.
Sphinx Glass operates with $80 million paid-in capital and has generated EGP 393 million revenues in FY13.
Citadel decided along with its partners in Sphinx Glass to use part of the sale proceeds in paying exceptional bonuses to employees in Sphinx Glass.
Citadel Capital is exiting its investment in Sphinx Glass as part of a multi-year program to shed non-core assets and focus on core subsidiaries in five industries: energy, cement, agrifoods, transportation and mining.