Egyptian private equity firm Citadel Capital said on Sunday it had completed a LE3.7 billion ($530 million) programme of buying additional stakes in its subsidiaries.

 

The purchases are part of Citadel's transformation into an investment company that will hold majority stakes in subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement, the firm said.

 

In line with that plan, Citadel shareholders last October approved a LE3.64 billion capital increase.

 

The closing date for the first round of subscriptions was Feb. 13 and the second round is expected to be completed in March 2014, the company said on Sunday.