Egyptian private equity firm Citadel Capital (CCAP.CA) announced selling a portion of a convertible loan in National Company for Development and Trade – ASEC Holding at a value of US$13 million.
The leading investment company has recently disclosed that it has completed its planned purchases of additional stakes in its platform companies totaling EGP 3.7 billion as part of its ongoing transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.
The asset purchases cover the platform companies and subsidiaries outlined in Citadel Capital’s Form 16 submission on use of proceeds from the capital increase, as approved by the EFSA.
At a meeting held on 13 February 2014, Citadel Capital’s board accepted a report by its independent auditor (KPMG) certifying the EGP 3.7 billion in liabilities to co-investors and shareholders arising from these securities purchases. These liabilities will be capitalized during the second subscription round for the capital increase, thereby resulting in full subscription to the share issuance.