Citadel to Close Capital Increase to EGP8 bln on 9 April

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has received key regulatory approvals that will allow it to close its capital increase on 9 April 2014 with full subscription. The rights issue will bring the firm’s issued capital to EGP 8 billion.

The Egyptian Financial Services Authority (EFSA) has approved the dates for the second and final subscription period for the capital increase from Wednesday, 2 April 2014 until Wednesday, 9 April 2014, while the General Authority for Investment and Free Zones (GAFI) has also   reviewed and approved a report by the firm’s independent auditor (KPMG / Hazem Hassan) that certifies EGP 3.7 billion in liabilities to co-investors and shareholders, mainly arising from investment purchases by the firm. Citadel Capital will capitalize an amount equivalent to the uncovered portion of the capital increase, thus ensuring it will be fully subscribed.

As part of its transformation into an investment company, Citadel Capital will focus on subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.