Morgan Stanley, one of the Wall Street giants, with over 23billion dollars in annual revenues, is stuck on the Romanian RASDAQmarket, where it is struggling to sell its 23% stake in wiringmanufacturer Romcab Târgu Mureş (TGN), a company put at around 5.8million euros at present.
The Americans sold in three trading sessions in July around1,000 Romcab shares for which they collected 5,000 RON (1,160euros). If it carried on at this pace, it would take Morgan Stanleymore than 10 years to exit the wiring manufacturer.
The American bank bought a 23% stake in Romcab in 2007 viabrokerage HTI Valori Imobiliare, led by Daniel Ţepeş, for around3.7 million euros. At present Morgan Stanley is selling its sharesat a 50% lower price. The Americans also sold their stake in theBucharest Stock Exchange at a loss last year, after selling back toŢepeş the majority stake in HTI Valori Mobiliare, which they hadbought in 2007.
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