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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 ICONs sandwich panels sector after spinning off the industry in a separate specialized company affiliated with ICON.
The offer will be reviewed by ICONs 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 companys 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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