Friday, June 11, 2010

Morgan Stanley says subsidiary buys Parkway shares

SINGAPORE: UK-based FrontPoint Management LLP, a unit of Morgan Stanley, has bought 75,000 shares of Parkway Holdings, Asia's biggest listed hospital operator, for S$3.83 a share for an investment client, the bank said in an exchange filing.

Morgan Stanley is the independent financial adviser to Parkway, which is at the centre of a potential bidding war between Malaysian sovereign fund Khazanah and India's Fortis Healthcare.

The US investment bank said FrontPoint's dealing in Parkway shares was for a "discretionary investment client". The purchase price is above Khazanah's offer price of S$3.78 a share.

Parkway shares were trading slightly lower at S$3.86 at 0420 GMT. ' Reuters

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