Industrial Engineering Company for Construction and Development (ICON) announced that its board of directors has approved the vertical demerger of the company, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, the company shall be split into a demerging company (ICON) and two demerged companies; a company for panels manufacturing and a company for projects.

This decision is pending the approval of the extraordinary general meeting (EGM).

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

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