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Citadel Capital receives official nod to increase capital

Egyptian private equity firm Citadel Capital has said it has received the regulatory approval to ask shareholders to approve a capital increase, Reuters has reported. If the EGP3.64bn ($528m) share issue goes ahead, it will be one of the biggest in Egypt since its 2011 revolution, the report said. The money raised would be used to boost Citadel's ownership to between 51 and 100% in most of the major companies in which it invests, particularly in the energy, transport, agriculture, mining and cement sectors, it said.