HiPipo Money

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• 1.6MW hybrid solar and diesel power plant
• Transmission and distribution grid serving all principal settlements on the Island
• Power project to be commissioned by June 2014.

Kalangala Infrastructure Services Ltd (KIS) the company contracted to develop infrastructure in Kalangala has laid the foundation for the first solar power plant in Sub Sahara Africa at Bukuzindu, Mugoye sub-county, Kalangala district. The 1.6MW power plant will use solar thermal hybrid system to generate power which will be transmitted and distributed throughout Bugala Island. The project will cost USD 17 million.

Speaking at the ceremony, John Opiro the Managing Director KIS elaborated on the power project, “This is yet another milestone KIS has shown progress in steps towards developing the social economic aspects of the Island. We started the placement of electric poles in late July and works are still ongoing. To date, the contractor has supplied more than 500 creosote treated electricity poles which have been distributed in Bugoma, Luuku, Mutambala, Kasekulo, Mulore, Buswa, to mention but a few locations.  The installation process is free of charge which makes it easier for people to access and bring power nearer to their homes and businesses. Electric poles have been distributed to settlement areas where low voltage construction commenced, and along the main island roads where high voltage transmission lines are to be constructed. After living without power for so long, this is a dream come true for the people of Bugala Island. We believe that with accessibility to power, the community will develop faster and will create an opportunity to attract investors.” he said.     

The Minister of Works & Transport who was representing the Vice President and Guest of Honourable Edward Ssekandi said, “the Partnership that the Government of Uganda and KIS is engaged in is a speedy, efficient and cost effective delivery of projects. It ensures value for money for the tax payer through optimal risk transfer and risk management. KIS has made great progress on Bugala Island ever since implementation started and we are confident that the four projects embarked on will be successful and impact positively on the economic growth and wellbeing of the people of Kalangala. With this project we anticipate a clean water system, electricity and an efficient transport system”.

Construction of a hybrid power plant is among the four components KIS is undertaking on Bugala Island under a Public Private Partnership (PPP) with the Government of Uganda.  Four months ago KIS commissioned works on the expansion and upgrade of the main Island road on Bugala Island which is ongoing. KIS is also engaged in providing a safe and clean water for which a successful water supply model was launched in Kasekulo Township where it running as a pilot project. Currently the second modern ferry of two is under construction in Mwanza Tanzania, the first one; the MV Pearl was commissioned in August 2012 and has been running efficiently.

Construction of power supply is by Ferdsult Engineering Services Ltd (FESL) and Premier Solar (pty) Ltd a leading solar firm in the world. The project is expected to be ready in June 2014.     

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Uganda Breweries Limited (UBL), in partnership with the Kampala Serena Hotel, gathered a select group of celebrities, Captains of industry and influencers for the second exclusive Black Tie dinner. It was an evening that showcased the luxury of fine dining at the Pearl of Africa restaurant and celebrated the official launch of the prestigious JOHNNIE WALKER® BLUE LABEL™ Limited Edition Collection designed by Alfred Dunhill in Uganda.

Being only the second of three countries to launch this esteemed pinnacle of craftsmanship in Africa, Uganda’s top business leaders were treated to an epic night of fine dining, sumptuous food infused with various JOHNNIE WALKER® whiskeys, bespoke interactive experiences and the coveted opportunity to be the first to see and purchase the JOHNNIE WALKER® BLUE LABEL™ Limited Edition Collection designed by Alfred Dunhill in Uganda.

The Limited Edition Collection features a 750ml bottle of the iconic JOHNNIE WALKER® BLUE LABEL™, its interior evoking the contours of a map, bringing the two iconic brands’ shared journey to life. The bottle’s exterior seamlessly marries the JOHNNIE WALKER® BLUE LABEL™ signature blue colour packaging with Dunhill’s distinctive ‘Chassis’ design and gunmetal finish made famous in Alfred Dunhill’s revered leather goods.

The evening saw the esteemed guests to The Kampala Serena Hotel given an opportunity to sample various JOHNNIE WALKER® whisky blends in neat and cocktail form, under the mentorship of renowned South African whisky mentor Bernard Gutman.

Bernard took guests through an interactive session detailing the rich history of JOHNNIE WALKER® and educating them on the ideal food pairings and complex flavours of blends produced by the JOHNNIE WALKER® stable.

“John Walker and Alfred Dunhill are truly iconic pioneers, epitomising British craft traditions and the pursuit of unparalleled quality in their bespoke products. Their entrepreneurial leadership and superior offerings have elevated the celebration of epic achievements across the world. Given this provenance, the Limited Edition Collection presents perfect gifting options for toasting extraordinary accomplishments,” said Nyimpini Mabunda, Uganda Breweries Limited Managing Director.

And in true UBL and Serena fashion and in the tradition of iconic partnerships, Uganda’s Master Bartenders were present to treat guests with evocative cocktail serves unlocking the signature flavours of JOHNNIE WALKER® in a unique and novel way.  The event curated superlative examples of Ugandan fashion, music and design revelries, all framed within the spectacular Kampala Serena Hotel, which pertinently reflects the merging of inspiration and dedication to quality that underscores the Limited Edition Collection.

With an upbeat combination of both modern and classic music renditions by Jazz Maestro Isaiah Katumwa, talented and renowned pianist Steve Kigozi and Myko Ouma with his Guitar, the experience in the lush Pearl of Africa Restaurant subtly but exquisitely brought back to Uganda’s discerning consumers the glamour, sophistication and rarity of distinguished JOHNNIE WALKER® BLUE LABEL™ occasions.

“This partnership with Alfred Dunhill luxury house is the brand’s latest collaboration and the Collection perfectly accentuates the rarity and matchless flavour of JOHNNIE WALKER® BLUE LABEL™. There are only a handful of luxury houses that share this uncompromising vision of progressive modernity while holding true to heritage and craftsmanship. A collection of this calibre is only made possible through mutual values to celebrate the shared journey towards achieving the extraordinary,” added Nyimpini Mabunda, Uganda Breweries Limited Managing Director.

The JOHNNIE WALKER® BLUE LABEL™ Limited Edition Collection designed by Alfred Dunhill will be available through exclusive retailers at UGX750,000. Customers will have the option of choosing to engrave and personalize this extraordinary gifting item at no extra cost.

JOHNNIE WALKER® BLUE LABEL™ is blended from rare casks of whiskies from the four corners of Scotland. Only sublime, rare whiskies are used in the blending of JOHNNIE WALKER® BLUE LABEL™, with only 1 in 10,000 casks containing whisky of sufficient character to deliver its remarkably smooth signature taste.  JOHNNIE WALKER® BLUE LABEL™ is a Scotch whisky that stands as a testament to the art of JOHNNIE WALKER’s Master Distiller, Jim Beveridge.

Excessive Consumption of alcohol is harmful to your health. Strictly not for sale to persons under the age of 18. Please drink responsibly.

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Over eighty participants from Northern Uganda participated in the MTN Business training for Small and Medium Enterprises (SMEs) and were awarded certificates. Participants from the districts of Gulu, Apac, Lira, Kitgum, Masindi and surrounding areas received their awards on Wednesday 20^th November 2013 after completing the two day Business Management training.

The program aims at empowering the SME segment with the knowledge and skills required to run successful businesses. For the last two years, the program which is run in partnership with KPMG Uganda delivers the technical expertise covering the following topics: Internal Controls, Working Capital Management, Business Planning, Interpretation of Bank Statements and Basic Knowledge of Taxation.

Over the years there has been a phenomenal growth particularly in the SME market and this has formed the backbone of Uganda’s economic growth. It is with this in mind that MTN has chosen to consistently support this section of the economy.

The training that was carried out by a specialized team of consultants from MTN’s partners KPMG was well suited for the participants. It covered a number of topics ranging from creating and preserving wealth, book keeping and personnel management through business planning and strategy development.

Representing MTN Uganda, the Senior Manager Enterprise, Hazel Twesigye said starting this year, the training which initially handled 100 SMEs a year, has now been regionalized, with each region to be represented by 150 businesses. The Northern region has been first beneficiary to be followed by Western Region in Mbarara, on 3^rd December while East and Central region will be covered in 2014.

Talking about the selection criteria of the participants, Twesigye said participants were asked to apply for the training, and thereafter vetted done by the consulting team as to whether they are indeed an SME and stand to gain from the training.

She said MTN has launched a number of products and services aimed at making the lives of the business community as well as SMEs a whole lot better. She pointed out MTN Cloud services as one such package that is increasingly becoming popular with business community as a one-stop shop for all their business related data/software solutions.

At the end of the training, participants were hosted to an evening cocktail, officiated by the Mayor of Gulu Municipality, Mr. George Labeja as the Chief Guest. He hailed MTN for bringing development oriented initiative to the Northern region.

Mr. George Labeja said “SMEs should utilize the skills they have acquired at the MTN training to improved their businesses. This is a great opportunity to learn best practice as concerns Business Management”.

He invited other Corporates to emulate the development spirit of MTN Uganda and join hands with the leadership of the Northern region for development.

The dinner was also attended by representatives from MTN Business, the MTN dealer representatives for the Northern region, NGOs and Corporates from Gulu. To crown off the evening, one of Uganda’s top entertainers Cindy, provided entertainment.

The evening was crowned with a draw in which three of the attendees won WiFi routers

About MTN Uganda

Launched in 1998, MTN Uganda is the leading communications operator in Uganda, offering Mobile and Fixed telecommunications, Mobile Money Services and Internet Service Provisioning. As of 30 September 2013, MTN Uganda recorded 8.4 million subscribers across Uganda. Visit us at www.mtn.co.ug and for our football fans www.mtnfootball.com. Customers can also follow us on www.youtube.com/mtnug and www.twitter.com/mtnugandacare for assistance.

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 September 2013, MTN recorded 203.8 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. Visit. Visit us at, www.mtnbusiness.com , www.mtn.com www.mtnmmo.com  and for our football fans www.mtnfootball.com

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 “The best TV just got better”

15 November 2013: MultiChoice has announced another innovation milestone with the launch of its next-generation PVR decoder – the DStv Explora.  This move heralds an exciting new era for digital television which allows viewers to gain more control and personalise their DStv viewing experience.

The Explora introduces additional new features and offers more recording space, providing DStv subscribers with a world of extraordinary entertainment. With the Explora subscribers can now:

View more – with much more Catch Up, viewers can save up to 220 hours of personal recorded content, view one programme while recording the other and record lots more series, movies and sport;

Discover more – with content discovery, viewers can search for their favorite programmes and find out when next they will air again without surfing the TV guide; And

Control more – where viewers can pause live TV for up to 2 hours, retain buffering when changing channels, conduct word searches and even personalize individual user themes.

“It is another innovation which bears testament to our continued investment in technology to ensure DStv delivers the best television experience in Africa. The Explora forms part of the continent’s fast technology developments and ensures that our subscribers get the best viewer experience.  The absence of high speed broadband access for most of Africa means delivering content via our satellites remains the most reliable way to ensure our subscribers get the best television, without buffering or waiting for downloads from the internet,” says Nico Meyer, CEO of MultiChoice Africa.

With its ability to meet the most unique viewer needs in the fast changing world, the Explora is an unparalleled technological innovation set to change television as we know it while providing convenience to meet DStv subscriber’s busy and demanding lives.  The Catch Up services provide a rich, high-definition video-on-demand experience.

Expanded Video-on-Demand Content – Catch Up

The DStv Catch Up service has been significantly expanded on the Explora, and now offers three times more video-on-demand programming to DStv subscribers.

MultiChoice has expanded the number of series available and now also introduces series stacking (i.e. making two episodes of selected series available on demand), which will later be expanded to 4 episodes.  This means that viewers will always be able to catch-up with all the hot new TV series.  DStv Catch Up now also includes 30 movies on demand and the content selection will be expanded to other categories such as documentaries and kids’ content in the future.

DStv Explora is packaged with a brand new, stylish HD user interface, which makes finding favourite shows or movies on Catch Up so much easier. Content is displayed using HD poster-art – just like an Internet VOD service.   The Explora additionally has powerful search features that help subscribers find programmes quicker and easier as it searches across the eight-day TV Guide, Catch Up, and their own recordings (playlist).

Explora’s remote control further enhances the experience with dedicated shortcut buttons to DStv Central, Catch Up, Playlist, Search, Live TV and other viewing options. Through the Explora, you will never miss your favorite programme ever again!

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Firm’s founder and chairman honored at Arabian Business Achievement Awards 2013 with Lifetime Achievement Award for his contribution to the development of business, finance and investment in the Middle East and Africa

Citadel Capital Founder and Chairman Ahmed Heikal has received Arabian Business magazine’s 2013 Lifetime Achievement Award, honoring his contributions over more than a quarter of a century to the development of business, finance and investment in the Middle East and Africa.

The award was announced on 11 November 2013 at a black-tie event in Dubai, UAE, at which former United Kingdom Prime Minister Tony Blair, who currently serves as Envoy of the Quartet on the Middle East, was the keynote speaker.

More than 600 business leaders and senior government officials from UAE and across the wider region attended the gala dinner, which stands as the largest awards ceremony in the Middle East.  UAE Deputy Prime Minister Sheikh Saif bin Zayed Al Nahyan received the Business Innovation Award, with other attendees including Abdul Rahman Euwais, Minister of Health; Hamid El-Katemy, Minister of Education; and Rashed Ahmed Ben Fahed, Minister of Environmental Affairs — .

“It is always an honor to be recognized by one’s peers, particularly after the tumultuous events of the past six years, from the global financial crisis to global deleveraging and two revolutions in Egypt. It has been a great challenge to manage through this period, but I am absolutely confident that Citadel Capital is emerging as a pillar of the business world in Egypt, Africa and the Middle East,” Heikal said. “In particular, I am very optimistic today about the long-term prospects of Egypt, our home market and the Arab world’s most diverse economy, where we look forward to a sustained economic recovery beginning in the second half of 2014.”

 “Success is neither a point in time nor a destination,” Heikal said in his acceptance speech. “It is a journey made of many decisions and choices, filled with high and low points, achievements and setbacks. Most importantly, it is a journey that none of us can travel entirely on our own. I have been part of some truly amazing success stories, and a number of rather less-than-fortunate ventures. Through it all, it has been the people who have walked beside me that have made the journey truly worthwhile. It is to my colleagues, friends and, most of all, my family, that I attribute the lion’s share of my accomplishments.”

Prior to founding Citadel Capital, Heikal was an executive board member and Managing Director of EFG Hermes Holding, the region’s leading investment bank, having joined the then-small financial consultancy firm after defending his doctoral dissertation in Industrial Engineering and Management at Stanford University.

At EFG Hermes, Heikal led the transformation of a small firm into the region’s leading investment bank, serving as an executive board member and having led at various times each of the four fee-generating lines of business: asset management, securities brokerage, investment banking and private equity.

Having formed Citadel Capital as a two-person partnership in 2004 with LE 2 million in capital, Heikal has since led the creation of the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments under control spanning 15 nations. The firm’s capital will stand at LE 8 billion in early 2014 following completion of an ongoing share issuance.

With investments including the national rail operator of Kenya and Uganda, an economically game-changing refinery in Egypt, and the region’s leading independent cement producer with spanning from Algeria to Egypt, Sudan and Iraq, Citadel Capital was until recently ranked the largest private equity firm in Africa for four years running according to the independent league tables of Private Equity International.

The firm is now completing a an EGP 3.64 billion share issuance that will fuel its transformation from a hybrid private equity firm into an investment holding company with majority ownership of most of its platform companies in five core industries: energy, transportation, agrifoods, mining and cement.

Heikal’s track record at Citadel Capital includes the largest-ever private equity transaction in MENA markets (the US$ 1.4 billion sale of Egyptian Fertilizers Company) and one of the largest-ever project finance transactions in Africa (the US$ 3.7 billion Egyptian Refining company).

He is a frequent commentator on national economic issues in the Egyptian, regional and global press and the author of a policy proposal that would help the Government of Egypt curb spending on ruinous fuel subsidies while cushioning any impact of the poor — all while sharply expanding spending on health, education and welfare.

“The best days for me in business are when we embark on something that leaves the communities in which we do business better than we found them,” Heikal said. “Sometimes that is the opening of a factory and the job creation that entails, other times it is the announcement of each year’s class of Citadel Capital Scholars, 115 of whom have studied or are now studying for graduate degrees at top global universities on full scholarships with one condition: That they return home to work in their chosen fields following their graduation.”

Heikal concluded his remarks with thanks to his wife, mother, and father, the journalist and intellectual Mohammed Hassanein Heikal, all of whom attended the event as his guests of honor.

“Over the years, I have come to realize that the book I would have written would have been titled, ‘Everything I Really Need to Know, I Learned from my Father.’ His lessons have formed the foundations of everything that I do,” Heikal said to emotional applause from the audience.

“My approach to life is simple: Dream big, have the audacity to execute, get the best people, incentivize them properly, and lead by example. If you do not adore it, don’t do it. You don’t want to find yourselves waking up in the morning asking, ‘Why do I do this?’” he concluded.

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Hisham El-Khazindar, Co-Founder and Managing Director of Citadel Capital, discusses Egypt’s transitional period and the challenges that the country faces as it attempts to address structural problems and move forward with its political road map

Citadel Capital Co-Founder and Managing Director, Hisham El-Khazindar took center stage at the Euromoney Egypt Conference to discuss some of Egypt’s most pressing economic issues as well as Citadel Capital’s transformation into an investment holding company and the role that the firm hopes to play in growing Egypt’s economy.

“Egypt has been stuck in a period of transition even before the January 25th revolution,” said El-Khazindar. “Long before the revolution, we were facing complex structural issues such as the energy subsidy system and the system of taxation and how it relates to social justice.”

When asked what had changed in Egypt post-revolution, El-Khazindar acknowledged that there are some positive steps that have been taken.

“The first positive is that the present government is the most competent cabinet that we have seen in the past 3 years. From a funding point of view we are also in a much stronger position. The funding that we have gotten from the Gulf States has allowed the current government to achieve a temporary state of normality that we didn’t have a few months ago. Extreme fuel shortages and mass blackouts have abated for the time being,” said El-Khazindar.

“The negative side of this return to normalcy is that it’s superficial. The fundamental problems that we had 6 years ago have not yet been tackled. We do not yet have a proper welfare structure in place, energy subsidies have not been dismantled and the importation of energy has not been opened up. The energy problems are crucial because without access to sufficient sources of energy new companies cannot be established which places a constraint on future economic growth.”

“Despite the fact that we have a competent government that is fully aware of what we are dealing with, the tough measures that are necessary to solve our current problems have not yet been taken,” he added.

Commenting on the issue of energy subsidies in particular El-Khazindar pointed out that as long as the subsidy debate is positioned as removal vs. status quo, nothing will change.

“The solution to the subsidy conundrum is to present the issue as a provision of a new social security package for citizens in need rather than a subsidy removal. Cash subsidies, which have been successful in countries such as Brazil and Iran, will have a much stronger social impact than the present system,” said El-Khazindar.

Irrespective of the current challenges, Citadel Capital the leading investment company in Africa and the Middle East with US$ 9.5 billion in investments under control has been actively pursuing its business goals. The firm is now completing a c. USD 520 million share issuance that will fuel its transformation from a hybrid private equity firm into an investment holding company with majority ownership of most of its platform companies in five core industries: energy, transportation, agrifoods, mining and cement.

“We have never been a traditional private equity firm. We are long-term investors who invest to build businesses rather than buy and sell businesses. The transformation into an investment holding company is simply an adaptation of our structure to reflect our strategy,” said El-Khazindar.

The new structure will also allow Citadel Capital to focus on the industries that it knows best and where it can have the greatest impact. Post revolution, the firm completed one of the largest-ever project finance transactions in Africa (the US$ 3.7 billion Egyptian Refining company). The project, which will reduce Egypt’s present-day diesel imports by more than half, is a key component of Egypt’s energy security.

“With projects like ERC we hope to provide solutions to some of Egypt’s most pressing economic problems,” said El-Khazindar.

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As Africans celebrated a decade of Pan African Content at the Discop conference recently held in Sandton Johannesburg, calls were made for a stronger focus on the further development of the local content industry.                                                                                                                             

At the conference that gathered content producers across the continent, pay-television operator Multichoice Africa, a key partner of the conference with a presence in over 50 countries in the continent and its adjacent islands, applauded content producers for their contribution and commitment to producing quality local content in the continent. Through its AfricaMagic channels, MultiChoice Africa believes that telling authentic African stories should be a key driver to Africa’s growth story. 

“As MultiChoice Africa we believe that Africans deserve only the best television viewing experience. With digital migration on the horizon, we are fully geared up to ensure everyone from all walks of life has access to digital television. Our GOtv offering available now in 8 countries features great family entertainment at a price that everyone can afford with a selection of local channels made in Africa for Africa,” says Nico Meyer, CEO of Multichoice Africa.

 “As the industry grows and as new platforms open up, we expect to see content evolving – finding innovative ways to appeal to viewers anywhere anytime. In this way there will be increased capacity to flight more local content thereby creating more opportunities for local producers,” he said.

At the conference, producers called for more filming opportunities, budgets and most importantly, greater investment in the development of local talent through skills transfer, training and innovative technologies. A strong emphasis was put on reflecting African values in particular amongst children and educational programming with one delegate stating, “we need to create cartoons for the African child, reflecting African values”. The conference affirmed that this is Africa’s time with panelist revealing the continent’s vast appetite for Ghanaian, Kenyan, Tanzanian and Ugandan content throughout Africa.

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The long awaited Bell Fiesta in MUK that was held in co junction with the annual Lumbox carnival started out as a cold and frosty one ended in pomp and excitement as students of Makerere University warmed up to the extravaganza that has excited revelers across the country.

Held on Saturday at the Makerere University Sports Grounds, thousands of students from the university turned up in a bid to celebrate the long tradition of Lumbox, the name given to the solidarity between Mary Stuart and Lumumba Halls of residence that unites students from the two halls in a number of events.

With events including the culture week, porridge night and a reunion dinner with former residents that was very exciting this year, the Lumbox Carnival turned out to be a thrilling affair as the Bell Fiesta took its great combination of music and soccer to East Africa’s oldest University giving an unforgettable experience to the students’ community.

From soccer activities like Timed Dribbling, Computer Football Gaming, Inflatable Goal Penalty Shootouts and Foosball, the party went on well into the night as teams competed against each other in an evening that can only be described as chilly but entertaining. Sumbiz, PDA, Super Strikas and Hanks were the teams that were formed to battle it out in the ultimate thriller the Human Table Foosball which is a life-size simulation of the table-top foosball version.

Team PDA emerged the winners of the night against Team Sumbiz with a score of 2-1.The winner of the night walked away with 400,000 UGX and prizes like t-shirts and flash disks.

Speaking at the event Robert Nsibirwa Bell Lager Brand Manager said “We are more than delighted to be part of the Lumbox carnival, one of the oldest events in the history of  Makerere University as Bell lager we continue to deliver the Bell Fiesta as  it is great games, great fun and it is 100% Bell Lager.”

There was a wide variety of musical talent with performances from upcoming musicians, campus artistes and influencers, the young and hip bell buzz dancers and the renowned Cindy, Irene Ntale, Mun G, Big Trill from Baboon Forest.

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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.