Alpha Fire Services PLC will acquire 100% of Icon Engineering for Rs. 260 million via a share swap issuing 9,122,807 new Alpha Fire shares; the combined operations are expected to generate over Rs. 1 billion in revenue and raise profitability by 30%. The transaction is a related-party major transaction and is subject to CSE and shareholder approvals.
Alpha Fire Services (AFS.N0000) will acquire Icon Engineering for Rs260 million in a share-swap, issuing 9,122,807 new shares valued at Rs28.50 each. The deal gives new investors a 19.38% stake, expands MEP/HVAC operations into the Maldives and is expected to boost group profitability ~30% and bring USD inflows.
Colombo Stock Exchange's ASPI fell 0.40% (86.60 pts) to 21,678.96 and the S&P SL20 dropped 0.33% to 6,057.66, with market turnover Rs194.1m as banks weighed on the index. Alpha Fire Services announced a proposed acquisition of Icon Engineering, projecting group revenue above Rs1bn, ~30% higher profitability and foreign currency inflows from Maldives projects.
Alpha Fire Services PLC unveiled a new logo and outlined growth plans, including regional service centres across Sri Lanka, a trading arm to enter the Maldives, and relocation to a newly acquired facility in Polgasowita. Management cited stronger governance, operational efficiency and rising construction-led demand for fire safety products.
Alpha Fire Services PLC appointed Menaka Athukorala as Non-Executive Chairman. He has over 30 years of experience in plantation management, renewable energy and corporate leadership.
Further to the Announcement made on 7th August 2025-Mandatory Offer - extension of closing date to 22nd August 2025
"The Offerors have informed that the new closing date of the offer is 22nd August 2025, by way of a public announcement" sentence should be amended as "The Offerors have informed that the new closing date of the offer is 22nd August 2025, by way of a market announcement"
Alpha Fire Services PLC sold 22.15 million shares (58% stake) to new buyers at Rs.10 per share on June 2, 2025. HNB Investment Bank/Stockbrokers acted as manager/advisor across the listing, rights issue and share restructuring as AFS’s market cap rose from ~Rs.32M at listing to over Rs.500M and public holding to 24.74%.
Alpha Fire Services PLC sold a 58% stake (22.15 million shares) to new buyers at Rs.10 per share on 2 June, effecting a change of control. HNB Investment Bank/HNB Stockbrokers had earlier managed AFS’s listing, rights issue and share subdivision; market capitalisation now exceeds Rs.500 million.
Arcasia Investment and Trading and ATX Partners each bought 25.01% stakes in Alpha Fire Services PLC, acquiring 9,492,610 shares apiece at Rs10 (Rs94.9m each); three directors disposed 22,153,538 shares (58% of the company).
ATX Partners and ARCASIA bought a 58% stake in Alpha Fire Services (AFS) for over Rs.220m — ATX and ARCASIA each acquired 25% (9.492m shares at Rs.10) while JBJ bought 3.15m shares; 23.276m shares traded for Rs.234.5m and AFS closed up 25% at Rs.13.10.
Colombo bourse opened June higher as ASPI rose 0.74% (125 pts) and S&P SL20 gained 1%, with turnover Rs.5.8bn and foreigners net selling ~Rs.3bn. Top turnover leaders were Access Engineering, Capital Alliance, Panasian Power, Commercial Credit and Alpha Fire, with banks and capital-goods stocks driving the rally.