Morgan Stanley Private Equity Asia (MSPEA) is to sale 120 million shares of Hong Kong-listed Sihuan Pharmaceutical Holdings Group Ltd., according to media reports.
The shares are to be priced between HK$9.36 to HK$9.50 apiece, representing a discount of around 4.2% to the company’s Wednesday’s closing price.
Total sale proceeds could be worth up to US$147 million, and will further reduce MSPEA’s stake in the company.
Last September, MSPEA sold 100 million Sihuan shares, reducing its stake from 7.17% to 5.24%. The sale price was not disclosed.
MSPEA originally took a 10% stake in Sihuan during the company’s US$458 million take-private deal from Singapore Exchange in 2009.
It reduced its take to 7.5% when Sihuan relisted in a US$741 million Hong Kong IPO.