Citadel to Open Subscription to Remaining Secondary Shares April 2

The Egyptian Financial Supervisory Authority (EFSA) approved on Monday a request from Citadel Capital (CCAP.CA) to invite shareholders to subscribe to 728,106,512 remaining secondary shares at EGP 5 par value each.

According to the company’s statement, subscription will start on Wednesday, April 2 till Wednesday, April 9.

The company’s extraordinary general meeting (EGM) has recently endorsed the second phase of the current capital increase through subscription to remaining secondary shares to raise issued capital to EGP 8 billion from EGP 4.358 billion.
Shareholders approved allowing using the company’s liabilities to shareholders via clearance between such liabilities and the value of shares offered for subscription.
The EGM also amended the period given for those having the rights for subscription to uncovered shares without pro rata to become not less than three days instead of not more than seven days.
Shareholders also approved amending article of incorporation No. 36.