ICON receives strategic collaboration offer in sandwich panels industry

The collaboration would be carried out through a potential non-binding acquisition of not less than 65% of ICON’s sandwich panels sector

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Industrial Engineering Company for Construction and Development (ICON) (ENGC) has received an offer from Kingspan Insulated Panels, a subsidiary of the Global Kingspan Group, seeking a strategic collaboration in manufacturing sandwich panels, according to a statement filed to the Egyptian Exchange (EGX).

The collaboration would be carried out through a potential non-binding acquisition of not less than 65% of ICON’s sandwich panels sector after spinning off the industry in a separate specialized company affiliated with ICON.

The offer will be reviewed by ICON’s board of directors and any development regarding this matter will be disclosed.

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, aluminium windows, and doors.

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