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Fri 21 Sep 2012 04:31 PM

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Saudi's GLC inks $60m deal for Malaysian firm

General Lighting Co, part owned by Carlyle Group, acquires light fixture maker Davex

Saudi's GLC inks $60m deal for Malaysian firm
(Getty Images - for illustrative purposes only)

General Lighting Co (GLC), a Saudi Arabian company part-owned by private equity
firm Carlyle Group, has acquired Malaysia's largest lighting fixture
manufacturer, Davex, in a deal worth about $60m, General Lighting said on
Friday.

General Lighting acquired the company from Davex Holding Berhad, a
wholly-owned subsidiary of MWE Holdings, an investment holding company, the
statement said, adding the acquisition was part of GLC's move to expand into
fast-growing economies.

"Davex brings several attractive markets to the GLC family including Vietnam,
Indonesia, Singapore, Malaysia and Australia," GLC chairman Abdullah al-Hobayb
said in the statement.

The deal is expected to close before the end of the year pending approval by
shareholders of MWE Holdings.

GLC is the largest lighting company in Saudi Arabia and Carlyle acquired its
30 percent stake for an undisclosed amount in March 2010.

Washington-based Carlyle, which has $156bn in assets globally, plans to
sell its investment in GLC through an initial public offering in 2013, a source
told Reuters last year, adding it had hired Riyadh-based GIB Capital to help
with the IPO.

Carlyle raised $500m in 2007 for its debut fund in the Middle East and
North Africa. The fund has six companies in its portfolio, including GLC.

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