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Citadel Capital completes investment purchases

Dubai: Citadel Capital (CCAP.CA on the Egyptian Exchange) disclosed on Sunday that it has now completed its planned purchases of additional stakes in its platform companies totalling 3.7 billion Egyptian pounds (Dh1.94 billion) as part of its ongoing transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.

The asset purchases disclosed Sunday cover the platform companies and subsidiaries outlined in Citadel Capital’s form 16 submission on use of proceeds from the capital increase, as approved by the EFSA.

At a meeting held on Thursday, Citadel Capital’s Board of Directors accepted a report by its independent auditor (KPMG) certifying the EGP3.7 billion in liabilities to co-investors and shareholders arising from these securities’ purchases. These liabilities will be capitalised during the second subscription round for the capital increase, thereby resulting in full subscription to the share issuance.