Citadel Capital Denies Halting Dividends for Upcoming 3 Years

By Yomna Yasser On Oct 22, 2013

Citadel Capital (CCAP), the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments under control, denied media reports about company’s extraordinary general meeting (EGM) decision to halt dividends distribution in the coming three years due to losses.

The company added, in a release sent to the Egyptian Exchange (EGX) on Tuesday that, dividends issue was not among the EGM’s schedule and was not discussed at all.

On Monday, Citadel Capital announced that its extraordinary general meeting (EGM) – held on Sunday October 20 – had approved to increase the company’s authorized capital from EGP 6 billion to EGP 9 million.

Citadel added that, it initially approved issued capital increase from EGP 4.358 billion to EGP 8 billion through issuance of 728.275 million (182.093 million preferred shares and 546.281 million common shares) at nominal value of EGP 5 per share without issuance fees.

Moreover, the EGM approved to call for the existing shareholders to subscribe in capital increase shares with his/her quota in capital before increase.