Publication Date:
Sun, 2011-05-22 16:55
The regulator’s letter, dated Sunday and addressed to a member of Citadel Capital’s board, said the company had requested raising its issued capital a third to 4.4 billion Egyptian pounds ($739 million).
The company declined to comment.
The Egyptian Financial Supervisory Authority (EFSA) said “it has been decided not to agree to your company implementing the request from the company’s board to proceed with measures for the increase.”
EFSA also said the decision to increase capital would have been made without consulting shareholders.
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