Shareholders of Egypt-based private equity firm Citadel Capital have agreed to the £E1.05bn ($176m) rights issue at an extraordinary general meeting (EGM) held on 4 August in Cairo.

The rights issue will be used to fund existing platform companies and pursue add-on investments, particularly in Africa.

Shareholders voted to raise the firm’s capital to £E4,358,125,000 from £E3,308,125,000 by issuing 210,000,000 new shares at a par value of £E5 per share. Newly issued shares include 157,500,000 common shares and 52,500,000 preferred shares. Shareholders will be invited to subscribe to the newly offered shares on a pro-rata basis.

Citadel Capital received approval from the Egyptian Financial Supervisory Authority (EFSA) on 13 July 2011 to call for an EGM specifically to approve the rights issue.