FINANCIAL CHRONICLE — Alpha Fire Services PLC, based in Sri Lanka, has unveiled its intention to acquire Icon Engineering Enterprises (Pvt) Ltd for 260 million rupees through a share-swap arrangement. This strategic move is aimed at extending the company’s operations into the Maldives and is expected to increase group revenues beyond the 1 billion rupee mark, according to a recent filing with the Colombo Stock Exchange.
In its announcement, Alpha Fire Services indicated that it plans to purchase 10,000 shares, which represent the entirety of Icon Engineering’s issued capital. The acquisition will be executed through a private placement, resulting in the issuance of 9,122,807 new ordinary voting shares to the shareholders of Icon Engineering.
The agreed swap ratio is set at 912.2807 new ordinary shares for each existing share in Icon Engineering, which places a value of 28.50 rupees per share on the new issuance, as determined by an independent evaluation conducted by KPMG.
Icon Engineering is recognized for its expertise in heating, ventilation, and air conditioning (HVAC) systems throughout Sri Lanka and the Maldives.
Upon completion of the acquisition, the new investors will possess a 19.38 percent ownership stake in Alpha Fire Services. The company has stated that this acquisition is a pivotal step in its long-term vision of evolving into a full-service provider of mechanical, electrical, and plumbing (MEP) turnkey solutions.
By integrating its fire protection services with Icon’s HVAC capabilities, Alpha Fire Services anticipates a significant enhancement in profitability, projecting an increase of approximately 30 percent. Additionally, the operations in the Maldives are expected to contribute to foreign currency earnings in US dollars.
This transaction is categorized as a major transaction under the Companies Act and is considered a Related Party Transaction. The selling shareholders include Mayfair Capital (Pvt) Ltd, as well as company directors K.M.A. Viraj Fernando and J.A.R. Wijeyesinghe. The Related Party Transactions Review Committee has verified that the arrangement has been structured fairly and does not disadvantage minority shareholders. (Colombo/July13/2026)
