Sphinx Glass, Citadel Capital’s investment in the highly promising MENA glass industry, undertakes commissioning at its state-of-the-art production facility

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange), the leading private equity firm in Middle East and Africa with US$ 8.3 billion in investments under control, announced today the start of commissioning at its 220,000-square-meter greenfield float glass factory. With a production capacity of 600 tons per day, the state-of-the-art, EGP 1.1 billion facility is one of Egypt’s largest producers of float glass.

Sphinx Glass is 51% owned by GlassWorks, a Platform Company established by Citadel Capital and a group of co-investors to pursue opportunities in the glass manufacturing industry. Dubai Group holds the remaining 49%.

The new factory, which broke ground in October 2008, is being licensed by PPG Industries, a leading global manufacturer of float glass. The contractor for the factory is Ianua S.p.A., one of the world’s top contractors and service providers in the float glass industry.

“We are very proud to have collaborated with the best in the industry in both contracting and technology. The plant will be manufacturing glass under a licensing agreement from PPG Industries,” said Sphinx Glass Chief Executive Officer Mohamed Khattab.

As the most technologically advanced facility of its kind in Egypt, Sphinx Glass will supply the local market with high-quality float glass and export to the Middle East and Africa. In addition to clear float glass, Sphinx will be the first factory in Egypt and North Africa to produce colored and coated float glass. The factory’s output will primarily be for applications in the automotive and construction industries.

“GlassWorks’ investment in the Sphinx Glass plant reflects our belief in Egypt and the region’s strong competitive advantages in the global glass industry,” says Hisham El-Khazindar, Managing Director and Co-Founder of Citadel Capital. “With a large supply of high-quality raw materials, low energy and labor costs and a geographic location that easily supports exports, the country is perfectly suited to become an important manufacturer and exporter of both float and container glass.”

Khattab will be leading an experienced management team and workforce of top caliber technicians and glass manufacturing experts as the Sphinx plant gears up to become one of the region’s largest glass producers and exporters.Visit www.sphinxglassco.net.

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GlassWorks is a Platform Company established by Citadel Capital and a group of leading co-investors to pursue investments in the Middle East and North African glass manufacturing industry. To date, GlassWorks’ investments include a 35% stake in Misr Glass Manufacturing (MGM), Egypt’s leading manufacturer and exporter of glass containers, and a 51% stake in Sphinx Glass. The remaining 49% of Sphinx Glass is owned by Dubai Group. Sphinx Glass is developing a 210,000-square-meter state-of-the-art greenfield float glass manufacturing facility that will produce 220,000 tons of glass annually.

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm focusing on building regional platform investments throughout the Middle East and Africa in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 18 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has generated more than US$ 2.4 billion in cash returns to co-investors and shareholders, more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2004-2009, as ranked by Private Equity International). For more information, visit www.citadelcapital.com.