Capital increase for Citadel for RVR

[John Ashworth]

CITADEL ANNOUNCEMENT

Railways Africa On September 14, 2011 In Kenya

Egypt’s Citadel Capital has completed a $US70 million capital increase for its platform company Africa Railways to fund portfolio company Rift Valley Railways (RVR), which holds a 25-year concession to operate the line linking the Indian Ocean port of Mombasa in Kenya to the Ugandan capital, Kampala. Citadel announced this on 11 September.

Four development finance institutions and a private equity fund focused on the Middle East participated in the capital increase which brought to $319.3 million the total equity raised by Citadel Capital and its platforms since the beginning of 2011.

Participants were the IFC African, Latin American and Caribbean Fund, Dutch development bank FMO, German development finance institution DEG, FISEA, a vehicle dedicated to investment in Sub-Saharan Africa owned by France’s Agence Française de Développement and the International Finance Corporation.