Citadel to proceed with capital raise plans

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CAIRO: Egyptian private equity firm Citadel Capital said on Thursday the regulator had agreed to its plans to call a shareholders’ meeting that will seek approval to raise its capital.

The Egyptian Financial Supervisory Authority previously refused Citadel’s request to raise its issued capital to LE 4.35 billion ($730.5 million). Citadel said at the time it would challenge the decision.

"The regulator has approved the plan to hold a shareholders’ meeting to raise (Citadel’s) capital to LE 4.35 billion," a spokeswoman for Citadel Capital told Reuters.


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