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Gov't approves sale of Midea Electric stake to Goldman Sachs SHANGHAI, Jun 15 (AP) -- China's Ministry of Commerce has approved the sale of a stake in Guangdong Midea Electric Appliances Co. to Goldman Sachs Group Inc., the Chinese home-appliance maker said Friday. Guangdong Midea announced plans in November to sell 75.6 million new A shares to GS Capital Partners Aurum Holding, a unit of Goldman Sachs, to raise 716.64 million Chinese yuan (US$94 million; €70.66 million). Based on Midea Electric's share capital after the issue, the size of the stake is around 5.7 percent, according to a Dow Jones Newswires calculation. The plan is still subject to approval by the securities regulator, the company said. Shenzhen-listed Midea Electric's shares were up 8.7 percent midday Friday at 39 Chinese yuan.

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