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Goldman Sachs Group Inc, the world's biggest securities firm, won approval from China's Ministry of Commerce to buy a 10.7-percent stake in Guangdong Midea Electric Appliances Co.

The ministry approved a plan by Goldman unit GS Capital Partners Aurum Holdings to pay 716.7 million yuan (US$94 million) for the stake in China's second-biggest publicly traded appliance maker, according to a statement today to the Shenzhen Stock Exchange. The deal, announced in November, still requires final approval from the China Securities Regulatory Commission.

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The Guangdong-based company's stock has surged sixfold this year, making it the best performer on China's benchmark CSI 300 Index.

Midea said in November last year Goldman will buy 75.6 million new shares for 9.48 yuan each, or 10.7 percent of the company's enlarged capital.

Overseas investors can acquire strategic stakes in Chinese publicly traded companies provided they buy at least a 10 percent stake and hold the stock for three years, the government said last year.

Goldman bought stakes in Fuyao Group Glass Industries Co., China's biggest maker of automotive glass, and Shuanghui Group, the nation's largest meat processor.

Midea, which makes air conditioners, electric fans, rice cookers and other appliances, said in April that its first- quarter profit almost tripled from a year earlier to 195 million yuan. Sales increased 38 percent to 7.1 billion yuan in the same period.

(For more biz stories, please visit Industry Updates)