It is the company’s second rights issue in three months. The capital raised will be used to fund its expansion in the region.

Citadel has recently completed the $843m acquisition of Canada’s Rally Energy and has taken a 35 per cent stake in Algeria’s Zahana Cement Company for Eur32.6m ($48m).

It has also bought four Egyptian food companies, which will be brought together under Gozour, Citadel’s new regional fast moving consumer goods division.

Citadel is also constructing a $2.4bn refinery in Greater Cairo, which will be operated by the Egyptian Refining Company (MEED 2:11:07).