General Lighting Co is planning to sell off shares in the Saudi Arabian stock market. The company is a Saudi Arabian firm partly owned by the Carlyle Group and the sale would be the way that the private equity firm would be exiting its shareholdings in the firm.
The move was confirmed by two sources who spoke on condition of anonymity. The company is currently the largest lighting company in Saudi Arabia. Carlyle acquired its 30% shareholdings in the firm last March 2010 for an undisclosed amount.
Carlyle has hired GIB Capital and the firm of Latham and Watkins to arrange the IPO for the shares in the lighting company. The sale would be listed in Saudi Arabia, as it is the only bourse in the Gulf region that has conducted active IPOs in the past few years.
Dow Jones Newswire reported the planned IPO earlier in the day. According to Saudi stock exchange rules, the general volume of shares sold is 30% of the company's capital in the IPO.
For its part, Carlyle spokeswoman based in London declined to make any comment on the news item or transaction.
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