Egypt's Citadel Capital plans $528 million capital hike
DUBAI, Sept 15
DUBAI, Sept 15 (Reuters) - Egyptian private equity firm Citadel Capital has obtained regulatory clearance to ask shareholders to approve a 3.64 billion Egyptian pound ($528 million) capital increase, the company said on Sunday.
Citadel will hold a shareholder meeting to propose issuing 182.1 million preferred shares and 546.3 million common shares at a par value of 5 Egyptian pounds, raising its total number of shares to 1.6 billion and paid-in capital to 8 billion pounds.
The capital increase would be used to raise Citadel Capital's ownership to between 51 and 100 percent in most of the companies in which it invests, particularly in the energy, transport, agriculture, mining and cement sectors, it said. (Reporting by Andrew Torchia; Editing by Louise Ireland)
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