Citadel Capital Receives Shareholder Approval to Proceed with EGP 3.64 bn Share Issuance

474
1926

——————-

Shareholder approval on the capital increase is a key step in a process that will see Citadel Capital transform into an investment company;

The capital increase will in part result in the firm acquiring majority control of most of its platform companies in five core industries: energy, transport, agrifoods, mining and cement

Shareholders of Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments under control, approved on 20 October 2013 the launch of an EGP 3.64 billion capital increase at an extraordinary general meeting (EGM) held yesterday in Cairo.

The share issuance will be at par value (EGP 5) and would see the firm’s paid-in capital rise to EGP 8.0 billion from EGP 4.36 billion.

The share issuance is part of the firm’s transformation from the largest private equity firm in Africa into the leading investment company in the region. Citadel Capital will use the share issuance to reach majority ownership in most of its platform companies, in particular the firm’s subsidiaries in its five core industries: energy, transportation, agrifoods, mining and cement.

The firm plans to exit non-core investments over the coming few years as it transforms its business model to become an investment company.

“Approval to launch the capital increase signals clear shareholder confidence in our transformation into an investment company,” said Citadel Capital Chairman and Founder Ahmed Heikal. “The long-term holding periods permitted by the new model will allow Citadel Capital to maximize value creation through a balanced portfolio that includes a healthy mix of both assets that provide stable dividend streams and that are cash generative, and others that are in high-growth phases.”                                                                                                                                           

Yesterday’s EGM called on shareholders to subscribe to 728,375,000 newly issued shares, of which 182,093,750 are preferred shares and 546,281,250 common shares.

Shareholders will participate in the share issuance on a pro-rata basis.

The EGM also authorized Heikal, in his capacity as chairman, to announce the subscription period and to call for a subsequent subscription round in the event that the share issuance is not fully subscribed in the first instance, all according to the relevant rules and regulations of the General Authority for Investment (GAFI) and the Egyptian Financial Supervisory Authority (EFSA).

The EGM has also mandated that the Board of Directors amend articles 6 and 7 of the company’s articles of incorporation, while taking all necessary measures to ensure the firm’s compliance with Article 27 and Executive Regulation Number 122 of the Capital Markets Law, to which the firm is subject as a company involved in establishing and raising capital for other legal entities.

Attendees at the Extraordinary General Meeting were informed of all resolutions concluded during a previous ordinary general meeting (OGM) held on 2 June 2013, which ratified valuation reports on the fair value of platform companies that have been completed by HC Securities (an independent financial consultant certified by EFSA), and ratified by shareholders along with the relevant auditor’s report. At the OGM, shareholders also voted to allow Citadel Capital’s Board of Directors to execute the acquisition of the additional stakes in the company’s subsidiaries. These purchases will be settled through the proposed issuance of shares to which participating LPs have undertaken to subscribe.

474 COMMENTS

  1. Hey! I’m at work surfing around your blog from my new apple iphone! Just wanted to say I love reading your blog and look forward to all your posts! Carry on the great work!

  2. Taxi moto line
    128 Rue la Boétie
    75008 Paris
    +33 6 51 612 712  

    Taxi moto paris

    Attractive section of content. I just stumbled upon your web site and in accession capital to assert that I get actually enjoyed account your blog posts.
    Any way I will be subscribing to your feeds and even I achievement you access consistently fast.

  3. What’s Happening i’m new to this, I stumbled upon this I’ve found It positively helpful and it has aided me out loads. I hope to contribute & aid other users like its helped me. Great job.

  4. I’m not that much of a online reader to be honest but your blogs really nice, keep it up! I’ll go ahead and bookmark your website to come back later on. Cheers

  5. Excellent goods from you, man. I’ve understand your stuff previous to and you’re just extremely wonderful. I actually like what you’ve acquired here, certainly like what you’re saying and the way in which you say it. You make it enjoyable and you still care for to keep it wise. I can’t wait to read far more from you. This is actually a terrific web site.

  6. Thanks for sharing superb informations. Your website is very cool. I am impressed by the details that you have on this blog. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for extra articles. You, my pal, ROCK! I found simply the information I already searched all over the place and just couldn’t come across. What a great site.

  7. I’ve been browsing on-line more than 3 hours today, but I by no means discovered any fascinating article like yours. It¦s pretty price enough for me. In my view, if all web owners and bloggers made just right content as you did, the internet might be a lot more helpful than ever before.

  8. My coder is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on numerous websites for about a year and am worried about switching to another platform. I have heard good things about blogengine.net. Is there a way I can transfer all my wordpress posts into it? Any kind of help would be greatly appreciated!

  9. Good info and right to the point. I don’t know if this is really the best place to ask but do you guys have any ideea where to employ some professional writers? Thx 🙂

  10. Thanks for every other informative web site. Where else may just I get that kind of information written in such a perfect means? I have a venture that I am just now running on, and I’ve been at the look out for such information.

  11. Hiya, I am really glad I have found this information. Today bloggers publish just about gossips and net and this is really annoying. A good website with interesting content, this is what I need. Thanks for keeping this web-site, I will be visiting it. Do you do newsletters? Cant find it.

  12. I’ve been absent for some time, but now I remember why I used to love this web site. Thank you, I will try and check back more often. How frequently you update your site?

  13. The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought youd have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.

  14. Hi my family member! I want to say that this article is awesome, nice written and come with approximately all significant infos. I¦d like to look extra posts like this .

  15. Hey very cool site!! Man .. Beautiful .. Amazing .. I’ll bookmark your website and take the feeds also…I’m happy to find numerous useful info here in the post, we need work out more techniques in this regard, thanks for sharing. . . . . .

  16. Hi there! This post couldn’t be written any better! Reading through this post reminds me of my previous room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thank you for sharing!

  17. I like what you guys are up also. Such intelligent work and reporting! Carry on the excellent works guys I?¦ve incorporated you guys to my blogroll. I think it’ll improve the value of my web site 🙂

  18. the pride of life is not a good job for people who are poor and want to know what to know to visit your site
    the example of the site that we should imitate you will find here what you are waiting for so do not be doubted as you try to let you trust me
    Actually why you’re still having a hard time if everyone has a way but if the strategy is what you are waiting for on my blog and making it easy for you to trust
    카지노사이트

  19. being a blessing is a blessing to a person but not all of you are wise to bless yeah well you do not have any strategy in life that your intellect is so I want you to talk to my site and teach you the right person
    birthday is my baby girl who is so nice to give me baby girl 3 years old that she wants to be happy with her birthday helped me if it’s a good gift xa him comment my blog come visit
    카지노사이트

  20. I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get got an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this hike.

  21. Hi, i think that i saw you visited my weblog so i came to “return the favor”.I am trying to find things to improve my site!I suppose its ok to use some of your ideas!!

  22. After study a couple of of the blog posts in your website now, and I truly like your way of blogging. I bookmarked it to my bookmark web site list and shall be checking again soon. Pls try my website online as well and let me know what you think.

  23. Hiya, I’m really glad I’ve found this information. Today bloggers publish just about gossips and internet and this is really annoying. A good blog with exciting content, this is what I need. Thank you for keeping this site, I’ll be visiting it. Do you do newsletters? Cant find it.

  24. I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get bought an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly a lot often inside case you shield this increase.

  25. obviously like your website however you need to check the spelling on quite a few of your posts. A number of them are rife with spelling issues and I to find it very troublesome to inform the truth nevertheless I will definitely come back again.

  26. Just wish to say your article is as astounding. The clearness in your post is simply spectacular and i could assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep updated with forthcoming post. Thanks a million and please continue the rewarding work.

  27. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four e-mails with the same comment. Is there any way you can remove people from that service? Many thanks!

  28. I have been surfing online more than 3 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all web owners and bloggers made good content as you did, the web will be a lot more useful than ever before.

  29. I intended to create you one little bit of remark to be able to say thank you yet again about the incredible views you’ve provided on this page. It is certainly strangely generous with you to present unhampered all many people might have offered for sale for an e book to earn some dough for themselves, most notably seeing that you might have tried it if you ever desired. The pointers also acted to be a fantastic way to be certain that someone else have similar fervor just like mine to learn many more when it comes to this condition. Certainly there are millions of more fun situations in the future for many who looked at your site.

  30. My developer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using WordPress on several websites for about a year and am nervous about switching to another platform. I have heard very good things about blogengine.net. Is there a way I can transfer all my wordpress content into it? Any help would be really appreciated!

  31. It¦s actually a great and useful piece of info. I am happy that you simply shared this helpful info with us. Please stay us informed like this. Thanks for sharing.

  32. I do agree with all of the ideas you have presented in your post. They are very convincing and will certainly work. Still, the posts are very short for novices. Could you please extend them a bit from next time? Thanks for the post.

  33. What i do not realize is actually how you’re not really much more well-liked than you might be now. You are very intelligent. You realize thus considerably relating to this subject, made me personally consider it from numerous varied angles. Its like women and men aren’t fascinated unless it is one thing to do with Lady gaga! Your own stuffs great. Always maintain it up!

  34. You completed certain good points there. I did a search on the topic and found the majority of people will consent with your blog.

  35. You can certainly see your enthusiasm within the work you write. The world hopes for more passionate writers like you who are not afraid to say how they believe. At all times go after your heart.

  36. It is appropriate time to make some plans for the future and it’s time to be happy. I have read this post and if I could I want to suggest you few interesting things or advice. Maybe you could write next articles referring to this article. I wish to read even more things about it!

  37. After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.

  38. Thank you for any other informative website. Where else may I get that type of information written in such an ideal means? I have a project that I’m just now running on, and I have been at the look out for such info.

  39. great points altogether, you just gained a new reader. What would you recommend in regards to your post that you made a few days ago? Any positive?

  40. Great write-up, I’m regular visitor of one’s blog, maintain up the excellent operate, and It’s going to be a regular visitor for a lengthy time.

  41. I haven’t checked in here for a while because I thought it was getting boring, but the last several posts are great quality so I guess I will add you back to my everyday bloglist. You deserve it my friend 🙂

  42. I have not checked in here for some time as I thought it was getting boring, but the last few posts are good quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend 🙂

  43. I’d have to examine with you here. Which is not one thing I usually do! I take pleasure in reading a post that may make folks think. Additionally, thanks for permitting me to comment!

  44. Very interesting subject, regards for posting. “I am convinced that life in a physical body is meant to be an ecstatic experience.” by Shakti Gawain.

  45. I’m extremely impressed with your writing skills
    as well as with the layout on your weblog. Is this a paid theme or did you modify
    it yourself? Either way keep up the excellent quality writing, it’s rare to see a nice blog like this
    one today.

  46. excellent submit, very informative. I wonder why the opposite specialists of this sector don’t realize this. You should continue your writing. I am sure, you’ve a huge readers’ base already!

  47. Nice read, I just passed this onto a friend who was doing a little research on that. And he actually bought me lunch because I found it for him smile Therefore let me rephrase that: Thanks for lunch!

  48. Greetings! I know this is kind of off topic but I was wondering if you knew where I could locate a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having trouble finding one? Thanks a lot!

  49. I just like the helpful info you provide for your articles.
    I’ll bookmark your blog and take a look at again right here regularly.
    I’m reasonably sure I’ll be told lots of new stuff
    proper here! Best of luck for the next!

  50. Thank you for helping out, superb information. “Our individual lives cannot, generally, be works of art unless the social order is also.” by Charles Horton Cooley.

  51. What happens if a female takes buy viagra. Cruelly 42% of the women delightful Viagra reported increased compensation during foreplay and physical sexual congress, compared with 28% of women taking the placebo. Furthermore, 57% of the buy viagra without prescription viagra prescription by phone treated women reported improved coup de th‚ѓtre in the genital compass during having it away, compared with 44% of women taking the placebo.

  52. You actually make it seem so easy with your presentation but I find this matter to be actually something that I think I would never understand. It seems too complex and extremely broad for me. I am looking forward for your next post, I will try to get the hang of it!

  53. I¦ll right away snatch your rss feed as I can not find your e-mail subscription hyperlink or e-newsletter service. Do you’ve any? Please allow me understand in order that I may subscribe. Thanks.

  54. I like what you guys are up too. Such clever work and reporting! Keep up the excellent works guys I have incorporated you guys to my blogroll. I think it will improve the value of my site 🙂

  55. What is the master every now to extract tadalafil. If you are winning levitra vs cialis 10 mg or 20 mg tablets for the purpose erectile dysfunction: these tablets should at most be entranced before sensual energy – they are NOT exchange for connected commonplace use. You should gather unified where can i buy cheap cialis stone at least half an hour ahead you procedure to tease coitus (it may still be functional up to 36 hours after captivating the tablet).

  56. Does sildenafil citrate output in production if you are not attracted. Stoya: The cardinal is: pfizer generic viagra viagra price comparison can’t aid if the man isn’t aroused. Like, put, when they’re here to euchre on their wife in a categorically confused way.

  57. Hey are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you need any coding expertise to make your own blog? Any help would be really appreciated!

  58. I precisely had to thank you so much once more. I’m not certain what I might have undertaken in the absence of the information discussed by you on my situation. It was actually a fearsome problem in my opinion, nevertheless coming across the specialised approach you solved that made me to leap with joy. I’m just grateful for the assistance and thus trust you are aware of a powerful job you’re doing instructing many people via your web blog. Probably you haven’t met any of us.

  59. Thanks for your personal marvelous posting! I definitely enjoyed reading it, you will be a great author.I will always bookmark your blog and will often come back at some point. I want to encourage one to continue your great writing, have a nice evening!

  60. This blog is definitely rather handy since I’m at the moment creating an internet floral website – although I am only starting out therefore it’s really fairly small, nothing like this site. Can link to a few of the posts here as they are quite. Thanks much. Zoey Olsen

  61. Its like you read my mind! You appear to know so much about this, like you wrote the book in it or something. I think that you can do with some pics to drive the message home a little bit, but instead of that, this is fantastic blog. A fantastic read. I’ll certainly be back.

  62. A powerful share, I just given this onto a colleague who was doing somewhat analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love studying more on this topic. If doable, as you turn into expertise, would you thoughts updating your weblog with more particulars? It is highly helpful for me. Large thumb up for this blog publish!

  63. I intended to put you that very small word to help thank you so much again for your nice information you have shown on this site. It has been seriously open-handed of you to make freely all a few people could have distributed as an e-book in order to make some bucks on their own, most importantly seeing that you could possibly have done it in the event you wanted. Those concepts in addition served to be a great way to comprehend other people have a similar fervor like mine to realize a good deal more on the subject of this condition. I am certain there are several more fun moments ahead for those who read your blog post.

  64. Thanks for sharing excellent informations. Your web-site is so cool. I’m impressed by the details that you have on this site. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for more articles. You, my pal, ROCK! I found simply the information I already searched everywhere and simply couldn’t come across. What a perfect web site.

  65. I am curious to find out what blog system you have been working with? I’m experiencing some minor security problems with my latest site and I’d like to find something more risk-free. Do you have any solutions?

  66. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
    You clearly know what youre talking about,
    why waste your intelligence on just posting videos to your site when you could be giving
    us something enlightening to read?

  67. Hey there I am so delighted I found your blog, I really found you by accident, while I was looking on Askjeeve for something else, Anyhow I am here now and would just like to say thank you for a remarkable post and a all round interesting blog (I also love the theme/design), I don’t have time to go through it all at the minute but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the awesome work.

  68. What’s Happening i’m new to this, I stumbled upon this I have found It positively useful and it has aided me out loads. I hope to contribute & aid other users like its helped me. Good job.

  69. Hi, i believe that i saw you visited my blog so i got here to “go back the prefer”.I am trying to find issues to improve my web site!I guess its adequate to make use of some of your ideas!!

  70. I wanted to post you that little word to help say thanks a lot yet again considering the striking concepts you’ve featured in this case. It’s certainly particularly generous with you to allow freely what some people could possibly have offered as an e book to help make some cash on their own, particularly seeing that you could possibly have tried it in the event you desired. These good tips additionally worked as the fantastic way to recognize that other people have the same desire similar to my personal own to figure out way more when it comes to this problem. I am sure there are millions of more pleasant periods ahead for individuals who check out your blog post.

  71. Thank you for the auspicious writeup. It if truth be told used to be a entertainment account it. Glance complicated to more added agreeable from you! By the way, how could we be in contact?

  72. I have recently started a website, the info you offer on this web site has helped me greatly. Thanks for all of your time & work. “If you would know strength and patience, welcome the company of trees.” by Hal Borland.

  73. You really make it seem really easy with your presentation however I in finding this matter to be really something that I think I might by no means understand. It kind of feels too complex and very large for me. I’m looking forward for your next put up, I¦ll try to get the dangle of it!

  74. Hey there! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no back up. Do you have any solutions to protect against hackers?

  75. Hey there would you mind letting me know which webhost you’re using? I’ve loaded your blog in 3 different web browsers and I must say this blog loads a lot quicker then most. Can you recommend a good web hosting provider at a fair price? Thank you, I appreciate it!

  76. GO!!!
    This phrase was said by the first cosmonaut on Earth – Yuri Gagarin. (Yuri Gagarin)
    He was the first astronaut on Earth. He was Russian! …
    Now Russia is becoming a strong country, gas pipelines, a vaccine against COVID-19, an army.
    Is this very reminiscent of the communist Soviet Union?
    How do you think?
    Now we have total control in our country. I am interested in the opinion of foreigners.

    Албонумисматико

    ПОЕХАЛИ!!

  77. Good blog! I really love how it is simple on my eyes and the data are well written. I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS feed which must do the trick! Have a great day!

  78. Hi, Neat post. There is a problem with your web site in internet explorer, would check this… IE still is the market leader and a large portion of people will miss your wonderful writing because of this problem.

  79. Thank you, I’ve just been searching for info about this topic for ages and yours is the best I have discovered till now. But, what about the bottom line? Are you sure about the source?

  80. Wonderful beat ! I would like to apprentice whilst you amend your website, how could i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept

  81. I like this post, enjoyed this one thank you for posting. “To the dull mind all nature is leaden. To the illumined mind the whole world sparkles with light.” by Ralph Waldo Emerson.

  82. I’ve been surfing on-line greater than three hours today, yet I never found any interesting article like yours. It’s lovely price enough for me. In my opinion, if all site owners and bloggers made good content material as you probably did, the net shall be much more helpful than ever before.

  83. I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…

LEAVE A REPLY

Please enter your comment!
Please enter your name here