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FINANCIAL NEWS
Saudi GLC agrees to buy Divex for USD60m
22 Sep 2012
(MENAFN) Saudi General Lighting Co (GLC), partly owned by private equity firm Carlyle Group, has agreed to pay USD60 million to buy Malaysia’s largest lighting fixture manufacturer Davex, Reuters reported.
General Lighting said the acquisition came as part of its planned expansion into fast-growing economies.
Chairman Abdullah al-Hobayb said that the deal gives GLC access to several attractive markets including Vietnam, Indonesia, Singapore, Malaysia and Australia.
Davex, a unit of Davex Holding Berhad, a wholly-owned subsidiary of MWE Holdings. The deal is expected to close before the end of the year, pending the approval of MWE shareholders.
More News
17 Sep 2025
BBK and CrediMax launch exclusive offers for customers in collaboration with The Ritz-Carlton, Bahrain
31 Aug 2025
BBK announces an exceptional 6-month grace period financing campaign for Personal and Car Finance customers
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
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