ICON: AIF Holding Acquires 62% Stake for $32 Million

Deal News | Nov 20, 2024 | Zawya

ICON: AIF Holding Acquires 62% Stake for $32 Million

AIF Holding Limited has acquired a 62.22% shareholding in Industrial Engineering Company for Construction and Development (ICON), an Egyptian firm listed on the EGX, for a total purchase price of EGP 1.62 billion (approximately $32 million). The transaction, facilitated by the brokerage services of EFG-Hermes International Securities, saw AIF Holding purchase 90.52 million shares at an average price of EGP 17.94 per share. This acquisition, announced via a bourse filing, took place on November 19, 2024. In the first half of 2024, ICON reported a significant increase in its consolidated net profits to EGP 643.80 million, rising from EGP 267.61 million during the same period in 2023. Despite strong consolidated performance, ICON’s standalone operations posted a net loss of EGP 11.11 million as of June 30, 2024, in contrast to a net profit of EGP 42.70 million a year earlier.

Sectors

  • Construction and Engineering
  • Finance

Geography

  • Egypt – The transaction involves the Egyptian-based company ICON, which is listed on the Egyptian Stock Exchange (EGX).

Industry

  • Construction and Engineering – The acquisition involves the Industrial Engineering Company for Construction and Development, which operates within the construction and engineering sector.
  • Finance – The transaction was facilitated by EFG-Hermes International Securities Brokerage, highlighting the role of financial services in this acquisition.

Financials

  • EGP 1.62 billion – The value for which AIF Holding acquired a 62.22% stake in ICON.
  • 90.52 million shares – The number of shares AIF Holding acquired in ICON.
  • EGP 17.94 – The average price per share at which AIF Holding acquired shares of ICON.
  • EGP 643.80 million – ICON's consolidated net profits in the first half of 2024.
  • EGP 11.11 million – Net losses of ICON's standalone business after tax as of June 30, 2024.

Participants

NameRoleTypeDescription
AIF Holding LimitedBuyerCompanyAIF Holding Limited is the company that acquired a majority stake in ICON.
Industrial Engineering Company for Construction and Development (ICON)Target CompanyCompanyICON is the EGX-listed company that AIF Holding acquired a 62.22% shareholding of.
EFG-Hermes International Securities BrokerageBrokerCompanyEFG-Hermes International Securities Brokerage acted as the broker for this transaction.