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Citadel loss widens 43%

Egyptian private equity firm Citadel Capital's has said its first-quarter net loss has widened by 43% from a year earlier to $26.4m, dragged down by fees paid to refinance some of its debt and losses at engineering and construction arm ASEC, Reuters has reported. Assets under management rose 4.9% to $4.4bn in the 12 months to the end of March 2012, the firm said. During the quarter, the company paid $9m in fees to access a $150m credit facility with the US government's Overseas Investment Corp (OPIC), from which it drew $81.3m, Citadel said. "Setting aside the net effect of one-time fees related to Citadel Capital's refinanced debt and the OPIC-backed facility, the firm would have recorded a 9% narrowing of its consolidated loss," the company said.