Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) announced that the first phase of its issued capital increase has been covered by 93.85%.

About 14,280 shares were subscribed during the first phase of raising the company’s issued capital, ICON said in a statement to the Egyptian Exchange (EGX) on Monday.

ICON will submit the required documents to the Financial Regulatory Authority (FRA) to approve the second phase of subscription, the statement added.

The extraordinary general meeting (EGM) of ICON has previously approved raising the issued and paid-up capital by EGP 60.8 million to EGP 485 million from EGP 424.107 million through issuing about 15.22 million shares with a nominal value of EGP 4 apiece.

During the first quarter of 2019, the company’s profits amounted to EGP 6.84 million, compared to EGP 15.84 million in the year-ago period.