Others News
- Midea Electric to buy parent's assets
Date: 27-Nov-2007 Sources: (Shenzhen Daily)
GUANGDONG Midea Electric Appliances Co., China's largest appliance maker by market value, will take over its parent's refrigerator and air-conditioning assets for 510.71 million yuan (US$69.01 million).
The firm said yesterday that it will acquire 100 percent stakes now held by its parent Midea Group in Hefei Hualing Shareholding Co. and Guangzhou Hualing Airconditioning Equipment Co. and a 95 percent stake in China Xuegui Industrial Co. for a total of 479.58 million yuan. It will also acquire the parent's 30 percent stake in Chongqing Midea General Refrigeration Equipment Co. for 31.13 million yuan.
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