Monday, March 10, 2008

Morgan Stanley eyes 20% stake in China Jinrui Futures

The U.S. investment bank Morgan Stanley has entered an agreement to purchase a 20% stake in China's Jinrui Futures Co, a commodity futures trading company, according to sources.

Morgan Stanley will take part in a private placement of shares by Jinrui, said vice governor Zhao Zhiyong of Jiangxi Province. There were no further details of the deal yet.

As one of the most active futures traders in the country, the Shenzhen-based Jinrui Futures Co has an annual trading turnover of commodity futures of around RMB 800 billion, despite a small paid-in capital of RMB 100 million.

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