Egypt's Citadel Capital gets a new cash injection

Egypt's Citadel Capital has announced that Citadel Capital Partners (CCP), the vehicle through which the company’s executive committee hold their equity in the private equity firm, sold approximately 15 million shares.

Proceeds of the sale will be immediately injected into Citadel Capital (CCAP) through a non-interest bearing loan.

The stake sale, amounting to 2.3 per cent of the firm current paid-in capital, would bring down CCP’s stake in it from 33.8 per cent to around 31.5 per cent and raise cash liquidity for CCAP to around LE60 million, according to calculations from Beltone Financial.

CCP also plan to raise their stake, through partial capitalisation of some of the loans to CCAP, due to be completed on 3 October.