Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) has announced that it started the procedures required for the acquisition of Sun Infinite Energy (SIE).

ICON is planning to acquire 80% of SIE’s issued capital, according to a bourse statement released on Tuesday.

During the first quarter of 2019, ICON’s net profit declined to EGP 6.84 million, compared to EGP 15.84 million a year earlier.