Shareholders of Citadel Capital, a leading private equity firm in the Middle East and Africa, approved an EGP1.05 billion rights issue at par at an Extraordinary General Meeting held today in Cairo.
Shareholders voted to raise the firm’s capital to EGP4,358,125,000 from EGP 3,308,125,000 by issuing 210,000,000 new shares at a par value of EGP 5 per share. Newly issued shares include 157,500,000 common shares and 52,500,000 preferred shares. Shareholders will be invited to subscribe to the newly offered shares on a pro-rata basis.
Citadel Capital received approval from the Egyptian Financial Supervisory Authority (EFSA) on 13 July 2011 to call for an EGM specifically to approve the rights issue.
