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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.

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