Citadel Capital to close rights issues on April 9
Cairo, April 2, 2014
Citadel Capital, a leading investment company in the Middle East and Africa, has received regulatory approvals to close its capital increase with full subscription on April 9.
The rights issue will bring the firm’s issued capital to EGP 8 billion ($1.1 billion).
The Egyptian Financial Services Authority (EFSA) has approved the dates for the second and final subscription period for the capital increase from today (April 2) until April 9.
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 capitalise an amount equivalent to the uncovered portion of the capital increase, to ensure that 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. - TradeArabia News Service