The National Company for Glass Industries (SASE:2150) signed a memorandum of understanding to acquire remaining 50% stake in Saudi National Lamps and Electricals Co., Ltd from Eon Electric Limited (BSE:532658) and Saudi Offset Limited Partnership, fund of DevCorp International B.S.C. (c) on May 23, 2015. Saudi Offset and Eon Electric own 30% and 20% stakes respectively in Saudi National Lamps. The transaction will financed from The National Company for Glass Industries' cash sources.

The National Company for Glass Industries (SASE:2150) cancelled the acquisition of acquire remaining 50% stake in Saudi National Lamps and Electricals Co., Ltd from Eon Electric Limited (BSE:532658) and Saudi Offset Limited Partnership, fund of DevCorp International B.S.C. (c) on March 23, 2016.