Capital Increase on Track as Citadel Capital Completes Investment Purchases of USD 0.53 bn



Resultant liabilities to be capitalized in second phase of ongoing capital increase, to achieve 100% subscription, expected to be completed in March 2014
Citadel Capital (CCAP.CA on the Egyptian Exchange) disclosed today that it has now completed its planned purchases of additional stakes in its platform companies totaling USD 0.53 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 disclosed today 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 of Directors accepted a report by its independent auditor (KPMG) certifying the USD 0.53 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.
In December 2013, Citadel Capital invited shareholders to subscribe to a USD 523,160,720.0 capital increase at par (USD 0.72 per share). The capital increase would see Citadel Capital’s total issued capital rise to USD 1,149,211,809.9  from USD 626,051,089.9  through the issuance of 728,375,000 new shares.
This invitation was approved by the Egyptian Financial Supervisory Authority (EFSA) on 1 December 2013 and made public on 4 December 2013. The closing date for the first round of subscriptions took place on 13 February 2014, and the second round is expected to be completed in March 2014.