Reuters – Egyptian private equity firm Citadel Capital said on Sunday it had completed an EGP 3.7bn ($530m) programme of buying additional stakes in its subsidiaries.
The purchases are part of Citadel’s transformation into an investment company that will hold majority stakes in subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement, the firm said.
In line with that plan, Citadel shareholders last October approved an EGP 3.64bn capital increase. The closing date for the first round of subscriptions was 13 February and the second round is expected to be completed in March 2014, the company said on Sunday.
