morgan-stanley-sells-80-million-block-in-shanshui-cement

Morgan Stanley sells $80 million block in Shanshui Cement

The US investment bank's private equity arm trims its pre-IPO stake in the Chinese cement producer for the second time in under three months.

Morgan Stanley Private Equity last night took advantage of the improved sentiment in the Hong Kong stockmarket over the past couple of days, as well as a renewed focus on the cement sector thanks to an ongoing initial public offering, to sell another batch of shares in China Shanshui Cement Group. This quick placement was priced at the top of the range, which resulted in total proceeds of HK$620 million $80 million.

This was the second time in under three months that Morgan Stanley's private equity arm trimmed its stake in Shanshui Cement. On April 29 it teamed up with CDH China Fund to sell a combined $129 million worth of shares. Since...

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