Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) obtained the shareholders’ approval to increase the issued and paid-up capital to EGP 582 million from EGP 485 million.

The shareholders greenlighted the capital raise during the ordinary general meeting (OGM) that was held on 12 July, according to a bourse disclosure.

ICON will transfer EGP 97 million from the reserve account resulting from the spinoff operation, which is recorded in the income statements as of 31 December 2022.

In order to carry out the hike transaction, the EGX-listed firm will distribute 24.25 million bonus shares, representing one bonus share for every five owned shares.

Last May, ICON’s fully-owned unit Prefabricated Buildings Development Industrial Company was awarded a contract valued at SAR 105.62 million for the NEOM project in Saudi Arabia.