Morgan Stanley to invest US$50m in china cement plant

Morgan Stanley to invest US$50m in china cement plant
Published: 25 October 2004

Morgan Stanley, one of the world’s leading investment banks, has reportedly signed an agreement to invest US$50m in a joint venture with local cement producer Jinan Shanshui Group Co Ltd in east China’s Shandong province, the Chinese company said.  Morgan Stanley will take a 30 per cent stake in the joint venture into which Shanshui Group will inject its total cement assets, an official at Shanshui Group, who asked not to be named, told XFN-Asia. “We also plan to list the joint venture overseas, but there is no timetable,” the official said.  Shanshui Group, with 3.1 bln yuan in total assets, booked total sales of 2.14 bln yuan for 2003, up 38.4 pct from the previous year, with profit up 59.22 pct to 160 mln yuan.  Its current cement production capacity stands at 3Mta.