Saudi’s GLC acquires Malaysian lighting specialist
100% acquisition part of company’s strategy to ‘target the world’s fastest growing economies’
Saudi Arabia’s GLC has acquired Malaysia’s Davex as part of its plan to ‘target the world’s fastest growing economies’.
Saudi-headquartered firm General Lighting Company (GLC), part-owned by private equity firm Carlyle Group, has said it plans to acquire 100% of Malaysia’s Davex for $60m, as part of GLC’s strategy to “target the world’s fastest growing economies.”
Davex is Malaysia’s largest lighting fixtures manufacturer and supplier, and a wholly-owned subsidiary of MWE Holdings (MWE).
GLC said the deal, subject to a vote of confidence by the shareholders of MWE, is expected to close before the end of the year.
In March 2010, Carlyle acquired a 30% share in GLC for an undisclosed amount. In addition to its operations in Egypt and the UAE, GLC has recently established offices in Morocco (2011), and South Africa(2012).
GLC offers its products to nine countries in the Middle East and 13 countries in Africa.
