ArabFinance: Industrial Engineering Company for Construction and Development’s (ICON) board of directors approved the name of the demerging company "Development for Real Estate Investment", according to the company’s statement filed to the Egyptian Exchange.

ICON extraordinary general meeting approved horizontal demerger.

In November, ICON received the Financial Regulatory Authority’s go-head to conduct the horizontal demerger.

In the first half (H1) of 2020, ICON posted a consolidated net profit of EGP 26,910,691, a 58% decline from EGP 64,421,676 achieved in H1 2019.

ICON is an Egypt-based company engaged in manufacturing and producing several types of steel-sheets related products.

The company’s products include sandwich steel panels, caravans, guard rails, purlins, pre-fabricated units, and corrugated sheets, galvanized tubes and pipes, aluminum windows, and doors.

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