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| China Investment Corp injects US$5 bln in Morgan Stanley |
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| 2008-02-24 | |
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Feb. 18, 2008 (China Knowledge) - China Investment Corp. (CIC), the country’s state-owned investment firm, has invested US$5 billion in Morgan Stanley, which will greatly help the U.S. investment bank bolster its capital position and extend its Chinese operations, market sources reported. Under the terms of the agreement, CIC will gain equity units that are convertible into 9.9% of Morgan Stanley common stock. In addition, the units carry a fixed annual interest rate of 9% before conversion scheduled on Aug.17, 2010. However, the Chinese firm will not be engaged in ownership or any role in management of Morgan Stanley. China Investment Corp, set up in September 2007, has a registered capital of US$200 billion allocated from China’s foreign exchange reserves. In line with its initial plan, approximately US$70 billion was earmarked for overseas investment in a wide range of portfolios. |
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