Monday, Dec 05, 2011
DUBAI (Zawya Dow Jones)--Depa (DEPA.DIF), a Dubai-based interior contracting company, said Morgan Stanley & Co. International Plc had acquired an additional 800,000 shares in the company at a price of $0.39 each, boosting the lender's stake to above 5%.
Morgan Stanley and its subsidiary companies now hold just above 31.1 million ordinary shares representing 5.06% of Depa's issued share capital, up from 4.93%, following the Nov. 27 transaction, Depa said in a statement posted on the Nasdaq Dubai website Sunday.
In October, Abu Dhabi-based investment bank The National Investor, or TNI, said one of its private equity funds completed an exit from Depa.
Depa in October said it had seen a significant pick-up in business for projects that had previously been delayed, especially in the Middle East and North Africa region, while it still expects 2011 profit to be in a similar range to levels prior to 2010.
Depa shares closed Sunday unchanged at $0.44.
-By Brinda Darasha, Dow Jones Newswires; +9714 446-1688; Brinda.Darasha@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
05-12-11 0600GMT
