Morgan Stanley is set to increase its stake in its brokerage joint venture in China by 4.06% to 94%, an exchange filing showed on Wednesday, putting it on track to take full ownership of the business.
The U.S. bank will inject $110m to boost the registered capital of the unit, a venture formed by Morgan Stanley and China Fortune Securities Co in 2011, to 1.71 billion yuan, according to an exchange filing by China Fortune.
The Shanghai-based state-owned company said on Wednesday that it had decided to sit out the capital injection, which effectively allows its ownership to dilute to 5.94% from the previous 10%.
Read more/Source: Reuters
