morgan-stanley-sells-china-dongxiang-stake

Morgan Stanley sells China Dongxiang stake

The placement comes a week after the Chinese apparel maker reported an 86% boost in 2008 profits.

The private equity arm of Morgan Stanley yesterday sold its remaining 3.6% stake in sports apparel designer and retailer China Dongxiang Group, raising HK$568 million $72.8 million. The placement was launched just after the end of Hong Kong trading and the books closed within an hour.

The deal consisted of 203 million shares, which were offered at a price between HK$2.70 and HK$2.80, or a discount of 4.8% to 8.2% versus yesterday's close of HK$2.94. The deal was priced at the top, for the tightest discount of 4.8%.

Around 80 investors participated in the deal, which reached a coverage ratio in the high single digits, according to...

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