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Egyptian energy-focused investment firm Qalaa Holdings (formerly Citadel Capital) is applying to the Egyptian Exchange to raise its paid-in capital by E£1.7bn ($223mn) to E£9.7bn ($1.27bn).
The proposed capital increase will be primarily funded through “the capitalization of liabilities arising from the purchase of additional shares in core subsidiaries, particularly in energy and cement,” from existing limited partners and co-investors, the firm said on 21 February.
The move comes as Qalaa finalizes its transformation into a holding company, with majority stakes in its core infrastructure and industrial investments. In 2014 Qalaa raised its capital to E£8bn ($1.05bn) from E£3.64bn ($478mn). (CONTINUED - 280 WORDS)