📈 Alpha Fire to Acquire Icon Engineering for Rs. 260M in Strategic Expansion

• The Deal: Listed fire protection firm Alpha Fire Services PLC plans to acquire 100% of Icon Engineering Enterprises Ltd. for Rs. 260 million. The transaction will be settled via a share swap of 9,122,807 new ordinary shares in Alpha Fire at Rs. 28.50 per share. • Strategic Impact: Combining Alpha Fire’s fire protection services with Icon's HVAC (heating, ventilation, and air conditioning) expertise transforms the group into a full-service mechanical, electrical, and plumbing (MEP) turnkey solutions provider. • Financial Outlook: The combined entity's annual revenue is projected to exceed Rs. 1 billion, with overall profitability expected to increase by 30%. • Forex Boost: The acquisition is set to enhance foreign currency earnings through Icon Engineering's active project portfolio in the Maldives, which generates US dollar revenue. • Transaction Details: Based on a KPMG valuation, the share swap will give the sellers (including Mayfair Capital and Directors K.M.A.V. Fernando and J.A.R. Wijeyesinghe) a collective 19.38% stake in Alpha Fire's enlarged capital. • Regulatory Status: Deemed a major and related-party transaction, the deal has been cleared by the Related Party Transactions Review Committee as "arm's length" but remains subject to Colombo Stock Exchange (CSE) and shareholder approvals.