Stocks News
- Goldman unit buys into Midea Group
Date: 18-Jun-2007 Sources: (Shenzhen Daily)
THE Ministry of Commerce has given its approval for an investment arm of Goldman Sachs to pay about US$350 million for a stake in Midea Group, the leading domestic household appliance maker said in a notice published Friday.
The ministry gave its go-ahead Thursday for Midea to issue an additional 75.59 million shares to GS Capital Partners Aurum Holdings, an investment arm of Goldman Sachs, according to a Midea statement. Midea has to sell the shares for no less than 90 percent of its average share price in the past 20 trading days, the notice said. At Thursday's closing price of 35.88 yuan, Goldman's stake of 10.7 percent is valued at 2.7 billion yuan, or US$354 million.
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