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China’s Midea makes overseas investment

Chinese electronics and home-appliances maker Midea has announced it plans to invest CNY392 million (USD57.4 million) to acquire a 32.5 percent stake in Egypt’s Misr Air Conditioning Manufacturing Company (Miraco) from United Technologies Corp.

The acquisition will give Midea the opportunity to invest in Miraco’s products, brands and markets, helping the company build its strategic competitiveness, expand its market in Africa, and improve its cost competitiveness in Egypt and the surrounding region.