Philips Lighting has taken a 40 percent stake in Lite-Tech, the Dubai-based manufacturer of lighting fixtures, the Gulf News reported on Sunday.
Following this, added the paper, the shareholding of the existing owners - the Dubai Investments' subsidiary, M'Sharie LLC, and the Saeed and Mohammed Naboodah Group - comes down to 60 percent.
With Philips coming on board, Lite-Tech's plant in Aweer will manufacture and assemble luminaries (lighting fixtures), street and industrial lighting. The products will be marketed across the Middle East, said Gulf News - Albawaba.com
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