GD Midea Will Buy 32.5% Stake in Egypt's MIRACO From United Technologies

GD Midea Holding Co. said it has agreed to buy a 32.5 percent stake in Egypt’s Misr Conditioning from United Technologies Corp. for $57.48 million, according to a filing to Shenzhen’s stock exchange.

The Chinese appliance maker will become the second biggest shareholder in Misr Conditioning, also known as MIRACO, according to the statement. GD Midea still needs government approval for the purchase of the stake, the company said.

To contact the reporter on this story: Jian Guo Jiang in Shanghai at jjiang@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email