Morgan Stanley has bought an additional 1.15 lakh shares in the Singapore-based hospital chain Parkway that has become the target for a controlling battle between Malaysian sovereign wealth fund Khazanah and India's second-argest hospital chain operator, Fortis Healthcare.
Greenwich, Connecticut-based FrontPoint Management LLP, a subsidiary of Morgan Stanley Investment Management Inc., bought 1.15 lakh shares on 15 June 2010 at 3.77 Singapore dollar per share, said Morgan Stanley Singapore in a filing with the Singapore Stock Exchange.
Morgan Stanley did not reveal for whom it has bought the shares of Parkway, but said in the filing that it has bought the stock for a "discretionary investment client."
On 11 June 2010, Morgan Stanley said that it had bought 75,000 shares of Parkway Holdings for 3.83 Singapore dollar a share. (See: Battle for Parkway intensifies as Morgan Stanley picks up stake)
After buying the additional stake on 15 June, the total number of shares held by the New York-based investment firm will go up to 3.99 lakh shares, it said in the filing.
This indicates that Morgan Stanley had bought 2.90 lakh shares earlier, although it is not clear whether it bought the shares prior to Khazanah making a partial offer late last month to increase its stake in Parkway, or later.