Arab Finance: Industrial Engineering Company for Construction and Development (ICON) has decided to distribute 0.2-for-1 bonus shares to shareholders as of September 21^st, the company disclosed on September 5^th.

Eligibility in distribution will be for the shareholders registered until the trading session of September 20^th.

This came after the firm’s decision to increase its issued capital by EGP 97 million distributed over 24.25 billion shares at a par value of EGP 4.

Accordingly, the capital will be raised to EGP 582 million from EGP 485 million.

It is worth mentioning that the company’s consolidated net profits attributable to the parent company rose 428.5% year on year (YoY) in the first quarter (Q1) of 2023, reaching EGP 140.605 million, versus EGP 24.139 million.

ICON is an Egypt-based company engaged in manufacturing and producing several types of steel-sheet-related products.

The company’s products include sandwich steel panels, caravans, guard rails, purlins, pre-fabricated units, corrugated sheets, galvanized tubes and pipes, aluminum windows, and doors.

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