Rights issue to close on 9 April 2014, completing the key step in the firm’s transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement
Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, has received key regulatory approvals that will allow it to close its capital increase on 9 April 2014 with full subscription.The rights issue will bring the firm’s issued capital to USD 1.15 billion.
The Egyptian Financial Services Authority (EFSA) has approved the dates for the second and final subscription period for the capital increase from Wednesday, 2 April 2014 until Wednesday, 9 April 2014, while 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 USD0.53billion in liabilities to co-investors and shareholders, mainly arising from investment purchases by the firm. Citadel Capital will capitalize an amount equivalent to the uncovered portion of the capital increase, thus ensuring 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.