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