HiPipo Money

———

In photo “URA Board member Theodora T. Mondo presents an Authorised Economic Operator AEO Certificate to Ms. Sarah Mulwana Executive director of Nice House of Plastics. Looking on First Left  is Allen Asiimwe the Country Director TradeMark East Africathe project funders and Allen Kagina the commissioner General Uganda Revenue Authority. AEO certified companies are permitted to self-manage key customs processes internally. Ten companies were given the certification.”

Uganda revenue Authority (URA) have signed MOU’s and awarded certificates of recognition to ten companies in Uganda who have been given special customs status as Authorized Economic Operators AEO.

Speaking at the recognition ceremony, Commissioner General of the URA, Allen Kagina commended the companies that had attained the special status.  ‘’They have consistently demonstrated a very high commitment to comply with customs regulations and security procedures’’. She said. “An AEO certified company for example is not subject to physical inspections, queuing or immediate audits”.

The 10 companies that have achieved this status were chosen from a list of 41 companies that had initially expressed interest. These are Spedag Interfreight, DHL, Nice House of Plastics, Unifreight Cargo Ltd and, BAT Uganda Limited. Others are Roofings (U) Limited, Ballore Logistics, Steel and Tube Industries Ltd, Jesa Farm Diary, Uganda Batteries Ltd and Toyota Uganda. An AEO in Uganda is an individual, a business entity or government department that is involved in international trade and is duly authorized by the Commissioner of Customs of the Uganda Revenue Authority to self-manage key aspects of its customs processes previously handled by URA. The objectives being to enhance trade facilitation, promote customs to business partnership, ensure security for the international trade supply chain, encourage voluntary compliance to customs laws and procedures.

The AEO project is an initiative of the URA supported by TradeMark East Africa that seeks to enhance trade by reducing the cost of doing business through simplifying customs procedures and reducing clearance time. ‘’This recognition will also enhance the image and trust of the businesses that have it, as it provides for mutual recognition with the other revenue authorities in the region. We will know we have achieved our objective when the savings businesses are enjoying, trickle down to a reduction in prices of goods for the common Mwananchi” Kagina concluded.

Narrating their experiences about using the new system for their clients, Spedag Interfreight one of the companies who participated in the pilot project reported that they were able to register significant improvements in efficiencies which resulted in monetary savings for their clients and Increased truck turnaround from 2.5 trips per month to 5 trips a month resulting in better evacuation of containers and better revenue earnings. “The AEO programme is a fantastic initiative which is improving our business tremendously. Mr. Bharat, Managing Director Spedag said. “We commend URA and its partner in this initiative , Trademark East Africa  for introducing it here in Uganda and we look forward to additional benefits it will provide us in the region as companies that receive AEO certification in Uganda will enjoy the same recognition and benefits seamlessly in the other East African countries’’. He added.

Speaking after the ceremony, Allen Asiimwe, TradeMark EA Country director thanked all the companies for taking part in the project’. ‘’This is an important first step towards full implementation of the AEO programme in Uganda a development which we are sure will have very positive knock on effects on the companies involved and the Ugandan and regional economy” She said.

The Commissioner General thanked TradeMark EA for its support. “This is the latest in a series of initiatives we have successfully rolled out supported by TMEA others include ASYCUDA World which we launched at the beginning of the week. She said.

URA plans to bring another 10 companies onto the AEO programme in the next phase of the project.

[[{“type”:”media”,”view_mode”:”media_original”,”fid”:”1010″,”attributes”:{“alt”:””,”class”:”media-image”,”height”:”350″,”typeof”:”foaf:Image”,”width”:”650″}}]]

Representatives from companies with Authorised Economic Operator status (AEO) pose with certificates of recognition awarded to them at the AEO MOU handover breakfast organized by the URA and the projects funders Trade Mark East Africaon the 5^th Sep 2013. AEO certified companies are permitted to self-manage key customs processes internally. Standing, (front left) Mr. Henry Saka the Commissioner for Domestic Taxes URA, (2^nd Left), Allen Asiimwe TradeMark Uganda Country Director; (4^th Left) Theodora T. Mondo Board member URA and the Commissioner General URA Allen Kagina 3^rd Front right.

——-

—–

Amr El-Garhy will ensure core platform and portfolio companies have access to the finance they need to grow and execute on their business plans

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, has engaged the distinguished banker Amr El-Garhy as Managing Director and Head of Corporate Finance and Investment Review Function. 

El-Garhy joins the firm from the National Investment Bank, where he was serving as Vice-Chairman and Managing Director. At Citadel Capital, he will be charged with ensuring platform and portfolio companies have access to the finance they need to grow efficiently, while monitoring the effective and successful execution of their business plans.

“Amr’s appointment comes as part of our transformation from Africa’s largest private equity firm into the continent’s leading investment company,” noted Citadel Capital Chairman and Founder Ahmed Heikal. “In his new role, he will help ensure Citadel Capital and our platform companies in five core industries, including energy, agrifoods, transportation, mining and cement, have the liquidity they need to deliver on their business plans. Citadel Capital also plans to exit non-core investments over the coming few years.”

I am particularly delighted to have Amr on board with us, having previously worked with him during my time with EFG Hermes, where I was impressed with both his efficiency and leadership skills,” adds Heikal.

El-Garhy joined the National Investment Bank in 2004 and led the institution through significant business restructuring, significantly growing its equity portfolio and leading a number of high-profile transactions and advisory processes of national importance.

He was earlier Deputy CEO of El-Ahli Bank of Qatar, a Managing Director at regional investment bank EFG Hermes, Managing Director for Investment Banking at Fleming-CIIC, Executive Director of the Commercial International Investment Company (CIIC) and a Senior Credit Manager at Commercial International Bank (CIB). El-Garhy has a distinguished track record of service on public and private boards including the Bank of Alexandria, the Egyptian National Railway Authority, the Arab Contractors Co., Suez Cement, the Export Development Bank of Egypt, and Abu Qir Fertilizers Co., among others. 

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading investment company in Africa and Middle East. Citadel Capital controls investments of US$ 9.5 billion and focuses on 5 core industries: Energy, Transportation, Agrifoods, Mining, and Cement. 

——

…Tusker Project Fame 6 auditions enter second week

The Agip Motel in Mbarara was on Saturday, 31^st August, 2013 transformed into an extravaganza of music talent as hopeful individuals and music groups turned up in their numbers for Tusker Project Fame 6 auditions, the ultimate music talent show in East Africa.

The much awaited auditions kicked off amidst heightened anticipation from participants who had rehearsed, received tips and got the much needed moral support from former Tusker Project Fame contestant and now prolific musician, Naava Grey who graced the auditions and later on performed at the after party held at the new De-posh Bar in Mbarara.

The judges for the day, music producer Benon Mugumya, Capital FM presenter Flavia Tumusiime and Urban TV’s Bush Baby were amazed by the different levels of talent showcased in Mbarara finally settling on seven contestants who proceed to the Kampala auditions scheduled for 7^th September, 2013 at the Sheraton Hotel.

“We are looking for authentic singers with rich voices to compete across borders. We have certainly seen some exemplary talent today which if polished, can be able to give a good account of Uganda when Tusker Project Fame 6 begins,” said Benon renowned music producer and judge.

The talent search in Mbarara discovered seven talented individuals in: Hope Natukunda, a lawyer, Rita Abenitwe a Makerere graduate, Christine Aboth, Andrew Mukama, Andrew Aijuka a radio presenter and Faith Gandhi a student of Uganda Christian University Mukono.

The auditions also saw participant attempt to impress the judges with different genres of music like Kadongo Kamu Tusker Project Fame 6  which was received with mixed feelings. The final Tusker Project Fame 6 auditions take place this weekend, 7^th September, 2013 at the Sheraton Hotel in Kampala and it is envisaged that people will attend in their droves in a bid to represent Uganda in Tusker Project Fame season 6.

Tusker Project Fame 6 returns to the screens in a new format that allows music groups comprising not more than 3 people to audition making the competition tougher.

Speaking during the auditions, Tusker Lager Brand Manager said “We have registered an increment in the number of people auditioning today and got great talent. We are confident that we the individuals that will represent Uganda in Tusker Project Fame season 6 will be the best and are hopeful that we will produce the ultimate winner this season”.

The daily highlights of Tusker Project Fame will be broadcast on Monday to Friday at 9:30pm-10:00pm and the live eviction and nomination shows on Saturday and Sunday starting from 8:00pm and 7:30pm respectively.

———————-

August 31^st, 2013 marked the end of the mandatory regulatory customer SIM registration exercise; the 18 month exercise was initiated in March 2012.

By the deadline of 31^st August, MTN Uganda had successfully registered 96% of its close to 8.2 million active customer base leaving a total of just 327,548 active customers yet to be registered. These have been affected by the full deactivation process effective 1^st September 2013 as communicated by the Uganda Communication Commission (UCC).

The initial period was focused on registering as many of its customers as possible as the company carried out a validation of the information laterally. “We have been able to achieve this however there is some back log in terms of verification. Customers whose details are yet to be verified will not be disconnected”, said Anthony Katamba, MTN Uganda’s General Manager Corporate Services.

All MTN Uganda customers that have completed the registration process are considered ‘registered’. The MTN customers whose SIM cards have been deactivated can still visit one of its Customer Service outlets (Service Centers) across the country along with the Registration Agents that will be open even after the deadline. They will be able to register and reconnect them in line with guidelines issued by UCC.

Katamba explained that the disconnection will affect SIM card based services including incoming and outgoing voice, SMS, MMS and internet data services. The disconnection however does not mean these subscribers have lost their SIMs or their airtime balances. Upon registration, the SIM cards will be reconnected. Disconnected subscribers will still be able to call the MTN helplines as well as the subscriber registration short code of 197 to get assistance on how to register and get reconnected.

“There will be no need for customers to buy new SIM cards but the existing MTN SIM cards will be reactivated after registration. We will make sure that all our customers are given equal opportunity to register and remain connected on MTN network”, he added.

MTN Uganda is presently carrying out a verification of all the subscriber information received and as you will appreciate verification of documents of over eight million subscribers is not an easy feat and as such it takes a lot of time. The verification exercise will continue even after 31^st August 2013.

“We would like to thank our regulator, the Uganda Communications Commission, the Ministry of ICT and all the other telecommunications operators who have all worked hard to make this exercise a success. We also thank our customers most importantly for responding to the call to get registered,” Katamba concluded.

Additional Information:

How does a customer reconnect a number which has been deactivated?

1. Dial call center helpline 123 to submit registration information
2. Dial USSD self and alternate number registration via *197#. You will be guided through a menu process to register your SIM.
3. Send SMS with to register self or alternate number via short code 197
4. Call IVR voice registration helpline short code 197. You will be guided through a menu process to register your SIM.
5. Send an e-mail with a completed form attached, copy of ID and scanned photograph to register@mtn.co.ug

All information submitted using the above listed options will be subject to off-line verification before reconnection.

What do the different responses mean when one dials *197# to check registration status?

SIM card registered successfully:

•The SIM card registration was successfully completed

SIM card registration pending verification:

•As part of the registration process, we are required to verify the records which you provided during registration before declaring it successful. If you received this response, it means that we have received your SIM card registration information but it has not yet been checked for completeness of the details provided. You will however continue receiving all the MTN services you have subscribed for.

SIM card is Unregistered:

•This message may be received if your SIM card was not registered at all OR if you registered on a form. In case of the latter, the information that was provided has not yet been captured into our system. In this case, we recommend that you keep checking your registration status by dialing *197#. Your registration will however be eventually verified. Alternatively to quicken capture of the details electronically, you may re-submit an electronic copy of your passport photo and copy of ID at register@mtn.co.ug and we’ll get in touch to finalize your registration.

Registered Customers can also register their Secondary and alternative SIM cards by sending the SIM Information by SMS to 197.

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 June 2013, MTN Uganda recorded 8 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 June 2013, MTN recorded 201.5 million subscribers across 22 countries. Visit us at www.mtn.com ,www.mtnbusiness.com , www.mtnmmo.com  and for our football fans www.mtnfootball.com

——–

• 152 students awarded a total of 650 million
• 53 from the east, 42 from central, 31 from the north and 26 from the west

The results are out! Over 150 university students are set to benefit from the Madhvani Foundation scholarships this academic year following an announcement releasing the list of candidates who successfully passed their recent interviews.

The Chairman of the Scholarship committee Mr Anthony Butele said, The Madhvani Foundation Board is pleased to announce the beneficiaries of the 2013/14 academic year for scholarships at both undergraduate and postgraduate levels. “We have been impressed by the commitment shown by these students to their education despite the challenges that they face and would like to support them in their educational development. The 152 students from across the country will benefit from Ushs 650 million that was announced earlier this year as we celebrated 10 years since the scholarship scheme was re-launched in 2003. The Foundation would like to express its continued commitment to Uganda’s educational and economic development.”

Commenting on the demographic distribution of the scholarships Mr. SKI Iyengar, the Board Secretary said “The Foundation has awarded 135 undergraduate and 17 postgraduate scholarships to students from across the country. Our analysis indicates an 11% increase in beneficiaries from Eastern Uganda between 2012/13 and 2013/14 making them the highest recipients of this year’s awards with 53 slots (representing 35% of the total). Recipients from Central region came in second with 42 slots, Northern region with 31 slots and Western region which had the most slots last year got 26 positions this year.” He continued “the male students continued to dominate the list against their female counterparts however, it should be noted that there is no formula to these results and as such cannot be pre-determined. The selection process was very transparent and no incidences of lobbying have been reported.”

Applicants of the 2013/14 scholarships should check the website www.madhvanifoundation.com or print media for the list of beneficiaries. The successful candidates are advised to collect their letters of award from the foundation headquarters at East African Distributors Ltd, 5th street industrial area from Monday 2^nd September. 

In conclusion Mr. Butele congratulated all the beneficiaries of the scholarship and encouraged them to take advantage of the opportunity they have been given, by studying hard so they can be successful in their studies and become productive members of Ugandan society.

Madhvani Foundation scholarships will return next academic year 2014-2015 seeking support financially challenged but brilliant Ugandan undergraduate and postgraduate students. 

———–

“British Airways Country Commercial Manager Ms. Faith Chaitezvi (Centre) hands over a certificate to one of the IATA graduands during the Institute’s 18^th graduation ceremony at Grand Imperial hotel. Looking on is the chairman Board of Directors Career Institute Begumisa Protazio (left) and Rutagira Vassy, the Director Career Institute.”

Career Institute (U), the only International Air Transport Authorised Training Centre in Uganda and an affiliate to the IATA over the week ending August 24, 2013,   awarded over 300 students with diploma’s and certificates.

The institutes 18th graduation ceremony was held at the Kampala Grand Imperial Hotel where students graduated in courses ranging from air cargo handling, tourism and travel, customs, clearing and handling including management and business courses.  

The board chairman, Career Institute, Mr. Protazio Begumisa, also a commissioner at the Uganda Revenue Authority (URA) urged the students to respect their achievements and use them in a positive and sensitive way. He said, “What one does with his or her certificate and diploma is very important as compared to the Hood and Gown.”

Begumisa said job hunting is one of the biggest challenges which has never been easy but can be managed. Elimination of laziness should be placed as top priority if one is looking to succeed in this very competitive world.

He advised that students should think of further studies citing that one diploma or certificate are not enough if one is to compete in the job market. Mr. Begumisa while addressing the graduates cautioned them to be responsible and accountable, adding that morality should be adhered to in order to live longer and achieve goals.

 The Guest of Honour at the event, the BA Country Commercial Manager Ms. Faith Chaitezvi commended the institute for having evolved since 1993 when it started.

 In her speech, Chaitezvi asked the students not to look at their current achievement as the end but a platform for future success. She said, “As graduates, we should realize that our responsibilities have gone anotch higher which comes with greater challenges. These challenges can only be addressed with a proactive mind, something that you may forget immediately you have received the certificates.”

Chaitezvi highlighted the need for a positive attitude towards work that should be kept in mind if one was looking to succeed. Many students despise small and petty jobs that come their way hoping to have bigger jobs in bigger offices, forgetting that the people in those offices started from somewhere. These small jobs create great opportunities once used wisely with respect.

——

Kenya Airways, the pride of Africa,  and Uganda’s  leading Mobile Money  service provider, MTN Uganda have partnered to launch  a service that allows customers to pay for Kenya Airways tickets using MTN Mobile Money.  This additional payment option is part of the airline’s efforts to embrace technology and the convenience and improved customer experiences that come with it.

Speaking at the launch, the airlines Head of Information Systems Development, Mr. Henry Obare said that the MTN Mobile Money Payment option has registered success in the sale of Kenya Airways tickets through Mobile Money services in Kenya. He expressed optimism that the Uganda market will enjoy the ease and convenience that comes with the use of this service.

Mr.Obare explained that the airline has been at the forefront in embracing advancements within the mobile and ICT sector to enhance the customer experience.

“We not only focus on offering an excellent in-flight experience for our customers but also on making the entire end-to-end journey (right from the purchase of the tickets to the handling at destination airports)   pleasant,” said Mr. Obare.

On his part, MTN Uganda Chief Marketing Officer Ernst Fonternel welcomed the partnership with Kenya Airways adding that they are a new addition to a number of other stakeholders who have partnered with MTN Mobile Money to deliver convenience to over 8 million customers on the MTN network.

Fonternel said since the launch of  the service five years back, MTN Mobile Money has enjoyed unprecedented success, registering in excess of 25million transactions each month with more than 4.5 million customers active on Mobile Money.

“As per the GSMA 2012 Global Mobile Money adoption survey, MTN Uganda ranks 2^nd in the world in the of number of active Mobile Money customer accounts. Today, as we launch this partnership with Kenya Airways, I’m hopeful that the Airline’s customers will find MTN Mobile Money an easy, convenient, safe and secure service,” Mr. Fonternel said.

With the new option to pay with Mobile Money, Kenya Airways customers will visit the Airline’s website or call its offices to make a reservation and obtain a reference number and flight quotation in Uganda Shillings. The customer will thereafter go to their phone’s Mobile Money menu, and select Pay Bill option, enter short code KQ, then the reference number and the amount to be paid for the air ticket. The transaction details will be displayed on the customers’ phone instantly. And the airline will email the air ticket back to the customer. The ticket may also be collected at any of Kenya Airways offices worldwide.

Kenya Airways operates 5 daily flights between Uganda’s Entebbe International Airport and its hub in Nairobi, and serves over 45 African destinations, having launched its 61st destination to Blantyre in Malawi this month.

ENDS

For more information please contact Rose Kiseli  on rose.kiseli@kenya-airways.com or  visit www.kenya-airways.com

About Kenya Airways

Kenya Airways, a member of the Sky Team Alliance, is a leading African airline flying to over 59 destinations worldwide, 40 of which are in Africa and carries over three million passengers annually. It continues to modernize its fleet with its 41 aircraft fleet being one of the most modern in Africa. The on-board service is renowned and the lie-flat business class seat on the wide-body aircraft is consistently voted among the world’s top 10. In 2010, it scooped top awards at the Africa Investor (Ai) Tourism Investor Awards and was declared the Business Airline of the Year in Africa. Kenya Airways takes pride for being at the fore front of connecting Africa to the world and the World to Africa through its hub Jomo Kenyatta International Airport.

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 June 2013, MTN Uganda recorded 8 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 June 2013, MTN recorded 201.5 million subscribers across 22 countries. Visit us at www.mtn.com ,www.mtnbusiness.com , www.mtnmmo.com  and for our football fans www.mtnfootball.com.

—–

Hisense Uganda and GOtv have launched a massive campaign that takes effect today. Customers who purchase 24, 29, and 39 inch television screens will receive free GOtv decoders and one month subscription on GOtv Plus.

Hisense, a company now recognized as one of the world’s leading consumer electronics manufacturers has partnered with the leading DTT pay TV player in Africa GOtv to evoke imagination and open a world of quality and true value for money for customers during the transition when most customers are seamlessly migrating to digital television.

Speaking at the press briefing Asim Waseem, Sales & Marketing Manager of Hisense said “Since early 2009, Hisense Uganda has taken strides to incorporate the best of all that Hisense has to offer into the Uganda market. The rationale for the campaign is to provide a comprehensive package for our customers to enjoy their television experience. There has been an influx of people who purchase the items in isolation but this campaign aims to uplift our product offering by giving them decoders that come with one month’s subscription”.

Customer can purchase the 24 inch LED screen at UGX 690,000 inclusive of a GOtv decoder, antennae and one month’s subscription on GOtv plus, the 29 inch LED screen will be sold at UGX 890,000 inclusive of a GOtv decoder, antennae and one month’s subscription on GOtv plus and the 39 inch LCD will be sold at 1,390,000 inclusive a GOtv decoder, antennae and one month’s subscription on GOtv plus.

Patricia Kiconco, GOtv Brand Segment Manager said “We are proud to partner with Hisense on this incredible campaign. Our businesses are interlinked and by jointly collaborating we are ultimately serving the needs of our customers. A full package like this will see provide customers with world class entertainment, a value we as GOtv adhere to”.

Customers can purchase their sets from any Hisense store or major retailers. The campaign will conclude in November 2013.

About Hisense Uganda

A range of products in Uganda include, Smart LED & 3D panel TVs, energy saving refrigerators, the latest technology air-conditioners, and an inspiring new range of small home appliances, all available at selected stores and major retailers, nationwide.

Hisense only imports TV’s in parts and do assembling in Uganda due to their verified and accepted assembling plant inspected by UNBS.

Our ongoing focus is to establish Hisense as a leading consumer electronics brand that is both reliable and desirable to all Ugandans. By providing the highest quality, eco-friendly, energy saving products at competitive prices, we strive to be an innovative, quality driven and reliable brand in Uganda.

Stay in touch by visiting www.hisense.com/en

About GOtv Uganda

GOtv currently offers three different options to enjoy digital quality television – namely – GOtv, GOtv Plus and the newGOtv Open bouquet. Both the GOtv and GOtv Plus bouquets are packed with exciting local and international channels designed to keep your family entertained with great news, movies, kids programming and sport. Two new channels were recently added on the GOtv Plus bouquet, these include M-Net Movie Zone and SuperSport Select 2, which further enhance the movies and sport line up on GOtv. 

Stay in touch with the GOtv family by visiting www.gotvafrica.com or following us on Facebookhttps://www.facebook.com/GOtvUGfor the latest news.

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, formally submitted Egyptian Financial Supervisory Authority (EFSA)’s Form 16. The filing seeks regulatory approval to call for an extraordinary general meeting to approve the launch of a USD 529 million capital increase that would see the firm’s paid-in capital rise to USD 1,145 million from USD 615 million.

Citadel Capital’s proposed 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. The proposed capital increase will be used by Citadel Capital to reach 51-100% ownership in the majority of its platforms companies, and in particular in the firm’s subsidiaries in its 5 core industries — energy, transportation, agrifoods, mining and cement. Citadel Capital plans to exit non-core investments over the coming few years as it transforms its business model to become an investment company.

The proposed capital increase will be a key step in a process that will see co-investors and limited partners (LPs) in the firm’s platform companies given the opportunity to synthetically swap their stakes for shares of Citadel Capital. Valuations of the underlying platform companies have been completed by HC Securities (an independent financial consultant certified by EFSA) and accepted by both participating LPs and ratified by shareholders at an ordinary general meeting (OGM) held on 1 June 2013. 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, which participating LPs have undertaken to subscribe to.

Citadel Capital Partners Ltd (CCP), the lead shareholder in the firm and the vehicle through which senior management holds its equity, will participate pro rata in the capital increase. Citadel Capital management notes that an additional capital increase may take place in 2014 to allow for the acquisition of those shares of portfolio companies held by LPs who do not participate in this first round.