Egypt’s Citadel Capital has received regulatory approval from the Egyptian authorities to ask its shareholders to approve plans to raise $528mn in order to acquire a majority stake in companies in which it currently invests.

Citadel has billed itself as the “leading private equity firm in the Middle East and Africa with $9.5bn of investments under control.” But it is in the process of transforming itself from a “hybrid private equity company” with small minority stakes in 19 companies into an “investment company” with larger stakes of up to 100% in what it describes as its five core industries: energy, transportation, agrifoods, mining and cement. Shareholders are expected to approve the plans. (CONTINUED - 372 WORDS)