East Africa: Citadel Capital Finalises Rights Issue, Still Wary of the Future

Citadel Capital may have just finalised a fully subscribed $175.6 million rights issue but the firm still foresees tough times ahead.

"We see a further 12-18 months of turbulence ahead, a fact that sees us continue to manage costs at the platform and portfolio levels," the firm's founder and chairman, Ahmed Heikal noted in a statement announcing the finalisation of the rights issue that resulted in a capital increase, injecting $120 million into its balance sheet.

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