Morgan Stanley Private Equity Asia (MSPEA) has completed the $100 million acquisition of a stake in China XD Plastics Co. As a part of the transaction, MSPEA has acquired redeemable convertible preferred shares of the Chinese plastic manufacturer and seller that are convertible into common stock at an initial conversion price of $6.25 per unit.
Holders of the redeemable convertible preferred shares will take part in common stock dividends on an as-converted basis. China XD has appointed two MSPEA members Ed Huang, managing director, and Jun Xu, executive director, on its board of directors. With this move, the number of members on China XD’s board will increase to nine.
Click here for the release from PR Newswire.