Morgan Stanley has sold a HK$1.73 billion $222 million block in China Shanshui Cement, taking advantage of a recent rally in the Chinese cement producer's share price. The transaction cleared the last batch of Shanshui shares held by the US bank, which invested in the company before its IPO in 2008 and has made numerous sell-downs since April 2009.
The shares were held by a fund owned by Morgan Stanley's private equity unit, MSPE. The fund sold 246.7 million shares, representing 8.8% of Shanshui's issued share capital, at a price of HK$7.01 apiece. The sale, which was completed through an accelerated deal after the Hong Kong...
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