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Microsoft Corp. has agreed to pay 94 million yuan ($12.3 million) for a stake in Sichuan Changhong Electric Co., a major maker of televisions and electrical appliances, the Chinese company said on Monday.

The two companies will cooperate to develop, make and market TVs, computers and other digital home-entertainment products, Sichuan Changhong said.

Under a memorandum of understanding, the Chinese company would place 15 million new shares with Microsoft at a price of 6.27 yuan each, a 37 percent discount to its last traded market price of 9.93 yuan.

The deal would give Microsoft a stake of nearly 1 percent in Sichuan Changhong, according to Reuters calculations. The U.S. software giant would be a long-term, strategic investor, Sichuan Changhong said.

The Chinese company, which posted sales of 4.97 billion yuan in the first quarter of 2007 as net profit climbed 24 percent from a year earlier to 96.32 million yuan, said it would soon present the deal to its board for approval.