Egypt’s Citadel to proceed with capital raise plans

Egyptian private equity firm Citadel Capital said on Thursday the regulator had agreed to its plans to call a shareholders' meeting that will seek approval to raise its capital.

The Egyptian Financial Supervisory Authority previously refused Citadel's request to raise its issued capital to LE4.35 billion. Citadel said at the time it would challenge the decision.

"The regulator has approved the plan to hold a shareholders' meeting to raise (Citadel's) capital to LE4.35 billion," a spokeswoman for Citadel Capital told Reuters.

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