Saudis acquire Malaysian lighting firm

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General Lighting’s headquarters in Riyadh

Saudi Arabia-based General Lighting, a company partly owned by US-based private equity firm Carlyle Group, has bought the largest Malaysian lighting fixture maker, Davex, for $60 million, the company announced on September 21.

General Lighting acquired the company from Davex Holding Berhad, a wholly-owned subsidiary of MWE Holdings, a Malaysian investment holding company, according to the statement

General Lighting said that the acquisition was part of its s move to expand into fast-growing economies such as Southeast Asia.

“Davex brings several attractive markets to the General Lighting family including Vietnam, Indonesia, Singapore, Malaysia and Australia,” the company’s Chairman Abdullah Al Hobayb said in the statement.

General Lighting is the largest lighting company in Saudi Arabia. Carlyle acquired a 30 per cent stake in March 2010 and plans to sell its investment through an initial public offering in 2013. General Lighting is part of Carlyle’s $500 million Middle East and North Africa fund which comprises of six companies.

Abu Dhabi’s government fund Mubadala bought a 7.5 per cent stake in Carlyle in 2007 and invested a further $500 million in December 2010.

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Reading Time: 1 minute

General Lighting’s headquarters in Riyadh

Saudi Arabia-based General Lighting, a company partly owned by US-based private equity firm Carlyle Group, has bought the largest Malaysian lighting fixture maker, Davex, for $60 million, the company announced on September 21.

Reading Time: 1 minute

General Lighting’s headquarters in Riyadh

Saudi Arabia-based General Lighting, a company partly owned by US-based private equity firm Carlyle Group, has bought the largest Malaysian lighting fixture maker, Davex, for $60 million, the company announced on September 21.

General Lighting acquired the company from Davex Holding Berhad, a wholly-owned subsidiary of MWE Holdings, a Malaysian investment holding company, according to the statement

General Lighting said that the acquisition was part of its s move to expand into fast-growing economies such as Southeast Asia.

“Davex brings several attractive markets to the General Lighting family including Vietnam, Indonesia, Singapore, Malaysia and Australia,” the company’s Chairman Abdullah Al Hobayb said in the statement.

General Lighting is the largest lighting company in Saudi Arabia. Carlyle acquired a 30 per cent stake in March 2010 and plans to sell its investment through an initial public offering in 2013. General Lighting is part of Carlyle’s $500 million Middle East and North Africa fund which comprises of six companies.

Abu Dhabi’s government fund Mubadala bought a 7.5 per cent stake in Carlyle in 2007 and invested a further $500 million in December 2010.

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