Panva Gas prices CB

The first convertible for a Gem listed company and P-chip is priced.

Morgan Stanley led a small but significant $50 million transaction for Panva Gas on Friday. First listed on the Gem market in April 2001, the company has come to increasing prominence over the past year following a strategic tie-up with Hutchison Whampoa for whom founder Thomas Ou used to work and strong earnings growth. Both have underpinned a strong share price performance, with the stock doubling in 2002 and up 19% year-to-date.

After a two day marketing period,...

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