Cairo – AIF Holding Limited purchased a 62.22% stake in Industrial Engineering Company for Construction and Development (ICON) at a value of EGP 1.62 billion.

AIF Holding bought 90.52 million shares in the EGX-listed company at an average price of EGP 17.94 per share, according to a bourse filing.

EFG-Hermes International Securities Brokerage was the broker for the transaction that was concluded on 19 November 2024.

In the first half (H1) of 2024, ICON logged higher consolidated net profits at EGP 643.80 million, compared to EGP 267.61 million in H1-23.

As for the standalone business, the company turned to net losses after tax valued at EGP 11.11 million as of 30 June 2024, against net profits of EGP 42.70 million a year earlier.

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