35% of Shenzhen Jutian Fund
Morgan Stanley Wins Bid to Buy 35% of Shenzhen Jutian Fund
Trading Markets (press release), CA -
SHENZHEN, Oct 25, 2007 (SinoCast via COMTEX) — BRD | charts | news | PowerRating — The Wall Street giant Morgan Stanley has won the bid of buying a 35 percent stake in China’s Jutian Fund Management Company from Beijing-based CITIC Guoan Information …
Morgan Stanley to buy 35 percent of China fund manager
Morgan Stanley acquires 35 percent equity of China’s Jutian Fund
Morgan Stanley Intl to buy 35 pct of China’s Jutian Fund Management
Morgan Stanley Wins Bid to Buy 35% of Shenzhen Jutian Fund
Thursday, October 25, 2007; Posted: 05:51 AM
SHENZHEN, Oct 25, 2007 (SinoCast via COMTEX) — BRD | charts | news | PowerRating — The Wall Street giant Morgan Stanley has won the bid of buying a 35 percent stake in China’s Jutian Fund Management Company from Beijing-based CITIC Guoan Information Industry Company at CNY 64.695 million. Shenzhen-based Jutian Fund was established with CNY 100 million registered capital. Its audited book assets, liabilities and net assets reached up to CNY 111.9645 million, CNY 2.7621 million and CNY 109.2024 million respectively by March 31, 2007.
The purchase price the bulge bracket offered has an about 69.3 percent premium compared with the net assets of the fund management firm accordingly in terms of the aforesaid indicators.
Prior to the share sales, Jutian Securities, CITIC Guoan Information Industry, Hantang Securities, China Merchants Finance Investment Holdings and Zhejiang Zhongda Group Holding separately took 35 percent, 35 percent, 15 percent, 10 percent and 5 percent of the fund management firm.
The share transfer is permitted to come into force after Ministry of Commerce and China Securities Regulatory Commission nod.
From stocknews.com.cn, Page 1, Wednesday, October 24, 2007 info@SinoCast.Com