Citadel Capital Announces New Board

Citadel Capital (CCAP.CA), a leading private equity firm in Africa and the Middle East region, has announced a new board under the chairmanship of its founder Ahmed Mohamed Hassanein Heikal.

The shareholders met today for their annual general meeting (AGM) where the new members were elected to the board, said a statement from the Cairo-based group.

The new board comprises Citadel Capital Partners co-founder and managing director Hisham Hussein El-Khazindar; managing directors Karim Hassan Sadek, Marwan Nabil, and Abdalla Elaraby besides Magdy Kamel Ibrahim El Dessouky, Alaa Ahmed Abdel Maqsoud Arafa and Karim Sidky Sidky Mohamed El-Sirafy (all board members representing Citadel Capital Partners), Sari Mouris (Olayan Financing), Ragheed Shanti (Emirates International Investments Company), Sheikh Mohamed bin Sehim bin Hamad bin Abdallah El-Thani, Walid Suleiman bin Abdel Mohsen Abunamay, Ziad Suleiman bin Abdel Mohsen Abunamay and Aly El-Tahry.

At the AGM, the shareholders ratified the board of directors’ report and the auditor’s report on the financial statements for the fiscal year ending December 31, 2011.

The investors also voted not to offer the board remuneration and allowances for the fiscal year 2012.

The shareholders gave nod to the appointment of Hassan Bassiouny Hassan, a partner at KPMG Hazem Hassan, as the firm’s auditor of record for the fiscal year 2012 and also approved his fees, the company statement said.

Citadel Capital, which has $9.5 billion in investments under control, focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds.