Audi Capital (KSA) Sell Side Adviser in Major Transaction between General Lighting Company and The Carlyle Group.

Riyadh, 30 Mar 2010
Audi Capital announced that it was the sell side adviser in a transaction involving the sale of a 30% stake in General Lighting Company – the largest lighting fixtures manufacturer and supplier in the Middle East – to The Carlyle Group.

The deal, which was closed in Riyadh – KSA on Monday, March 29, 2010, was partly financed by Bank Audi sal - Audi Saradar Group (Lebanon).

On this occasion, Mr. Abdallah Saade, Audi Capital’s Deputy CEO and Head of Investment Banking, said: “Audi Capital is proud to assist in realising an ideal partnership between a solid regional group with undisputed leading market positioning and a global private equity house with valuable post-acquisition expertise and excellent value creation track record. There are a number of sizeable and attractive companies in the Kingdom, across different sectors, which would greatly benefit from partnering with international industry players or value-adding global financial investors. Therefore, we have confidence that Saudi Arabia presents an attractive investment landscape for regional and international investors, and will thus form a vibrant Mergers and Acquisitions market moving forward. We are confident that this new partnership will foster the growth strategy of General Lighting Company and create significant value for the shareholders of both parties.

Mr. Walid Musallam, Carlyle Managing Director and Head of Carlyle MENA, said: “We are very pleased to have worked with Bank Audi on this transaction. GLC is the leading lighting provider in the Middle East whose market position and strong brands have been built on decades of performance and positive working relationships. We are delighted to have made our first investment in Saudi Arabia and second in the MENA region in just three months. We look forward to supporting GLC in achieving its expansion ambitions.

In addition to injecting capital, Carlyle is able to provide local and regional companies with years of experience and access to the resources of a globally diversified private equity firm not previously available to them.

About Audi Capital (KSA)
Audi Capital (previously Audi Saudi Arabia), a fully owned subsidiary of Bank Audi sal - Audi Saradar Group, is a financial institution operating under license from the Capital Market Authority of the Kingdom of Saudi Arabia.

Audi Capital offers a wide range of investment banking activities including advisory services, arranging, brokerage, asset management and wealth management.
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About General Lighting Company
General Lighting Company (GLC) is a Saudi company with several subsidiaries in and outside the Kingdom. GLC manufactures a broad range of indoor, outdoor, and industrial lighting products. Representing leading international lighting brands, particularly in the decorative sector, it provides its clients with complete lighting solutions.

A leader in the lighting industry in the Middle East, GLC supplies its products to private, industrial and public sector institutions across industrial, residential and commercial areas.

About The Carlyle Group
The Carlyle Group is one of the world's largest private equity firms, with more than USD 88.6 billion under management. With 67 funds across four investment disciplines (buyouts, growth capital, real estate and leveraged finance), Carlyle combines global vision with local insight, relying on a top-flight team of over 860 employees operating in 19 countries to uncover superior opportunities in North America, Europe, Asia, Australia, the MENA region and Latin America.

Carlyle’s conservative investment philosophy and disciplined investment process has generated extraordinary returns for its investors. Since its founding in 1987, the firm has invested $59.6 billion in 952 transactions.
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About Bank Audi sal - Audi Saradar Group
Bank Audi is a regional bank. Present in 10 countries through 9 banks, 1 investment company and 2 insurance companies, Bank Audi offers a full range of Commercial and Corporate banking, Retail banking, Private banking and Investment banking products and services, in addition to Insurance activities. Besides its historic presence in Lebanon, France and Switzerland, the Bank has expanded its operations in the MENA region to Jordan, Syria, Egypt, Sudan, Saudi Arabia, Qatar and Abu Dhabi (through a representative office). In January 2010, Bank Audi entered into an agreement with Commerzbank to acquire Dresdner Bank Monaco S.A.M. The closing of the transaction is still pending regulatory approvals. The Bank is now also present in Gibraltar where it will develop its asset management activity.

At end-December 2009, Bank Audi’s consolidated assets reached USD 26.7 billion, principally driven by private customers’ deposits totalling USD 23 billion, while shareholders’ equity reached USD 2.2 billion at the same date. Based on all those criteria, Bank Audi ranks among the top 25 Arab banking groups.
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