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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
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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