Citadel of Egypt Gains After Regulator Approves Capital Increase

Citadel Capital SAE, an Egyptian private-equity firm, rose in Cairo after Egypt’s markets regulator approved the company’s plan to increase its capital.

The shares advanced 1.1 percent to 5.35 Egyptian pounds at 11:54 a.m., valuing the company at 3.54 billion pounds ($595 million). The stock had earlier advanced as much as 4 percent. The benchmark EGX 30 Index (EGX30) fell 0.1 percent.

Citadel, which has $4 billion in assets under management, said it will call a shareholder meeting to approve a rights offer to raise its capital by $175 million.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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