Alpha Fire Services to Acquire Icon Engineering in USD 0.87 Million Share-Swap Deal

Alpha Fire Services to Acquire Icon Engineering in USD 0.87 Million Share-Swap Deal

Sri Lanka: Alpha Fire Services PLC has announced plans to acquire 100% of Icon Engineering Enterprises (Pvt.) Ltd, an HVAC solutions provider operating in Sri Lanka and the Maldives, through a USD 0.87 million share-swap transaction. The acquisition, involving the issue of 9.12 million new ordinary voting shares at an implied value of USD 0.10 per share, is expected to position Alpha as a full-service mechanical, electrical and plumbing (MEP) turnkey solutions provider. Following the acquisition, the combined group's revenue is projected to exceed USD 3.34 million, with overall profitability expected to increase by around 30%, while benefiting from additional US dollar earnings from Icon Engineering’s projects in the Maldives.

Source: Daily Mirror