Morgan Stanley private equity has sold a HK1.73bn (US$222m) block in China Shanshui Cement of China. 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.
