Citadel Capital shareholders approve rights issue
Shareholders voted to raise the firm’s capital to EGP 4,358,125,000 ($732 million) from EGP 3,308,125,000 ($556 million) by issuing 210,000,000 new shares at a par value of EGP 5 per share. Newly issued shares include 157,500,000 common shares and 52,500,000 preferred shares. Shareholders will be invited to subscribe to the newly offered shares on a pro-rata basis. Citadel Capital had received approval from the Egyptian Financial Supervisory Authority (EFSA) on 13 July 2011 to call for an EGM specifically to approve the rights issue.