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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.
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