Shareholders of the region's leading private equity firm meeting today for their Annual General Meeting appoints new members to its Board of Directors
Shareholders of Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in Africa and the Middle East with US$ 9.5 billion in investments under control, meeting today at their Annual General Meeting ratified changes to the composition of the firm's Board of Directors.
The firm's Board of Directors accordingly stands as:
In addition, shareholders also:
1. Ratified the Board of Directors' report for the fiscal year ending 31 December 2011;
2. Ratified the auditor's report on the financial statements for the fiscal year ending 31 December 2011 and subsequently accepted the Financial Statements for the same fiscal year;
3. Voted to release the Board of Directors from any liability arising from their management of the firm in the fiscal year ending 31 December 2011;
4. Voted not to offer the Board of Directors remuneration and allowances for the fiscal year 2012;
5. Delegated to the Board of Directors the power to enter into and conclude contractual agreements;
6. Approved the appointment of Mr. Hassan Bassiouny Hassan, a partner at KPMG Hazem Hassan, as the firm's auditor of record for the fiscal year 2012 and approved his fees;
7. Reviewed the current compensation and bonus scheme at Citadel Capital S.A.E.
8. Approved donations made by the Board of Directors for the fiscal year ending 31 December 2011 and further delegated to the Board of Directors the authority to make donations in excess of EGP 1,000 on behalf of the firm for the fiscal year ending 31 December 2012, with the total of donations not to exceed EGP 2 million.
-Ends-
Citadel Capital
(CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm's 19 OSFs now control Platform Companies with investments of US$ 9.5 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2007-2012, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)
ghammouda@citadelcapital.com
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 16 662-0002
© Press Release 2012
