The Clap Engineering & Industrial Company “ICON” (ENGC) allowed Kingspan Group to conduct due diligence on one of its divided companies that operate in the panels’ industry.
Backstory ICON split into three companies earlier this year. One dividing company that will remain listed on the EGX, one divided company that will operate in Engineering & Industrial activities & the other divided company will operate in the panels industry. Both divided companies were not listed in the EGX.
Kingspan Group presented ICON with an offer to establish a strategic alliance by acquiring a 65% stake in the company which operates in the panels’ industry.
Claps Class Panels are metal surfaces that are used to cover building roofs for more protection against weather phenomena & offers sound isolation.