Egypt's Citadel raises $73.5 mln in rights issue

Egyptian private equity firm Citadel Capital said on Wednesday it raised 438 million Egyptian pounds ($73.5 million) in a rights issue that was 41.72 percent subscribed.

Citadel had said it intended to raise its capital by 1.05 billion pounds to 4.4 billion pounds from 3.3 billion by issuing 210 million new shares at a par value of 5 pounds a share.

Shareholders will be able to subscribe to the remaining amount as soon as the necessary approvals are obtained, a statement e-mailed by the firm said.

Citadel Capital has $8.7 billion investments under its control.