Citadel Capital, a leading investment company in the region, said it has completed asset purchases and add-on investments worth a combined EGP2.63 billion ($376.2 million).

The new acquisitions and follow-on investments are part of the firm’s ongoing EGP3.64 billion capital increase, approved by shareholders recently.

The firm is expected to make a further EGP132 million in asset purchases in the coming period.

Its shareholders and investors have sold their stakes to contribute EGP2.67 billion to Citadel Capital’s ongoing capital increase as per their contractual obligations, said a statement.

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 (EGP5) will, on completion, result in the firm’s paid-in capital rising to EGP8 billion from EGP4.36 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. - TradeArabia News Service