Egypt-listed private equity firm Citadel Capital has called an extraordinary general meeting to approve a $175m capital raising effort. The news comes just days after the firm appointed US bank Citigroup to explore a possible sale of the business.

Citadel Capital, which is listed on the Egyptian Stock Exchange, received permission from the Egyptian Financial Supervisory Authority to call an EGM earlier this week. The purpose of the EGM is to approve a $175m rights issue, which will form part of a $244m financing package aimed at supporting portfolio companies and funding future investments, according to a spokesman for the firm.