ENGC -2.83% 4.47 -0.13
Cairo - Mubasher: Industrial Engineering Company for Construction and Development (ICON) has acquired 74.99% of Sun Infinite Energy's (SIE) capital at a value of EGP 11.24 million.
The ownership transfer took place on 2 December, ICON disclosed in a bourse statement on Tuesday.
It added that SIE owns a rooftop solar power plant with a capacity of 2 megawatts (MW), noting that it has signed a 25-year feed-in tariff (FIT) contract with the Egyptian Ministry of Electricity and Renewable Energy.
In May, the ordinary general meeting (OGM) of ICON signed a commutative contract to buy around 80% of SIE's shares.
During the first half of 2019, ICON's net profits of tumbled to EGP 82.04 million from EGP 351.13 million in the year-ago period, including minority shareholders' rights.