Amended Deal to Sell NPC Egypt For $ 147.5 mln

By Yomna Yasser On Mar 21, 2012

Golden Crescent Investments Ltd. (Golden Crescent), one of the Citadel Capital (CCAP)’s Opportunity-Specific Fund, has signed an amended deal to sell its 100% stakes in National Petroleum Company Egypt Limited (NPC Egypt) to Sea Dragon Energy (SDX-TSX.V) for $ 147.5 million.

After the signing, Sea Dragon shall have a grace period till May 8^th so as to complete the acquisition deal. In addition, Golden Crescent shall keep a grace period till the beginning of May so as to hold negotiations and study other parties’ requisition requests.

On March 11^th, Citadel Capital (CCAP) has managed to sign a non-binding deal with Sea Dragon Energy (SDX-TSX.V) through its Opportunity-Specific Fund, Golden Crescent Investments Ltd. (Golden Crescent) so as to revise terms for the acquisition of National Petroleum Company Egypt Limited (NPC Egypt). Sea Dragon has agreed to pay cash and share consideration equal to US$147.5 million.