New acquisitions and follow-on investments come in the context of the firm's ongoing EGP 3.64 billion capital increase, with a further EGP 132 million in asset purchases expected in the coming days
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 completed asset purchases as well as add-on investments worth a combined EGP 2.628 billion.
The acquisitions and add-on investments are part of the firm’s ongoing transformation from a hybrid private equity firm into an investment company that will hold majority stakes in five core industries including energy, transportation, agrifoods, mining and cement.
The firm expects to make a further EGP 132 million in asset purchases in the coming period. As part of the transformation process, the firm has launched an EGP 3.64 billion capital increase approved by shareholders at an extraordinary general meeting (EGM) on 20 October 2013.
Notably, shareholders and investors who have sold their stakes in platform companies to Citadel Capital are committed to contribute c. EGP 2.671 billion to Citadel Capital’s ongoing capital increase as per their contractual obligations.
The firm plans to use part of the proceeds of the capital raising to finance payments related to transactions that will see the firm increase its stake in select platform companies.
The share issuance at par value (EGP 5) will, once complete, result in the firm’s paid-in capital rising to EGP 8.0 billion from EGP 4.36 billion.
The firm plans to exit non-core investments over the coming few years as it transforms its business model to become an investment company.
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
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.
|For more information, please contact:
Ms. Ghada Hammouda
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4439