CAIRO: Shareholders in Egyptian private equity firm Citadel Capital have approved a LE 1.05 billion ($176 million) rights issue, the company said in a statement on Thursday.
Shareholders voted on Wednesday to raise the firm’s capital to LE 4.4 billion from LE 3.3 billion by issuing 210 million new shares at a par value of LE 5 per share.
Citadel received approval from the Egyptian Financial Supervisory Authority on July 13 to call for a shareholders’ meeting to approve the rights issue.
The company reported a widened net loss of LE 114.2 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.
