Citadel Capital has completed asset purchases as well as add-on investments worth a combined EGP 2.628 billion . The acquisitions and add-on investments are part of the firm's ongoing transformation from a hybrid private equity firm into an investment company that will hold majority stakes in five core industries including energy, transportation, agrifoods, mining and cement. The firm expects to make a further EGP 132 million in asset purchases in the coming period. As part of the transformation process, the firm has launched an EGP 3.64 billion capital increase approved by shareholders at an extraordinary general meeting (EGM) on 20 October 2013 . Notably, shareholders and investors who have sold their stakes in platform companies to Citadel Capital are committed to contribute c. EGP 2.671 billion to Citadel Capital's ongoing capital increase as per their contractual obligations. The firm plans to use part of the proceeds of the capital raising to finance payments related to transactions that will see the firm increase its stake in select platform companies. The share issuance at par value ( EGP 5 ) will, once complete, result in the firm's paid-in capital rising to EGP 8.0 billion from EGP 4.36 billion . The firm plans to exit non-core investments over the coming few years as it transforms its business model to become an investment company.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- U.S. to Relinquish Gov't Control Over Internet
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Will Missing Malaysian Jet Prompt Aviation System Change?