Citadel Capital to Close Capital Increase to EGP 8 bn on 9 April 2014

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 EGP 8 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 EGP 3.7 billion 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.

—Ends—

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. For more information, please visit citadelcapital.com.

 

For more information, please contact:

Ms. Ghada Hammouda
CMO & Head of Corporate Communications
Citadel Capital (S.A.E.)

g...@qalaaholdings.com (click to reveal this email)

Tel: +20 2 2791-4439 • Fax: +20 22 791-4448

Mobile: +20 106 662-0002

 

Forward-Looking Statements

Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the Citadel Capital. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Citadel Capital is subject to risks and uncertainties.