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Egypt's Citadel shareholders back rights issue
The leading Egyptian private equity firm will raise its capital to LE3.3 billion, following shareholder approval
Reuters Published in Ahram Online on 04 - 08 - 2011

Shareholders in Egyptian private equity firm Citadel Capital have approved a LE1.05 billion (US$176 million) rights issue, the company said in a statement on Thursday.
Shareholders voted on Wednesday to raise the firm's capital to LE4.4 billion from LE3.3 billion by issuing 210 million new shares at a par value of LE5 pounds per share.
Citadel received approval from the Egyptian Financial Supervisory Authority on 13 July to call for a shareholders' meeting to approve the rights issue.
The company reported a widened net loss of LE114.2 million in a first quarter that was hit by political turmoil, and said it expected weak fundraising momentum for the rest of 2011.
Dubai-based Abraaj Capital said last month it was no longer seeking a deal with Citadel after reports it sought to buy a stake in the rival private equity firm.

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