Morgan Stanley Acquires 1.75% of Kalina

The investment fund Morgan Stanley Investment Management (MSIM) acquired depositary receipts accounting for 1.75% of Russian cosmetics company Kalina in the third quarter 2005, according to information from the Bank of New York. The market value of the Kalina stake owned by MSIM, as of the end of the third quarter, was estimated at US$9.1 million. In October-November quotes for Kalina shares gained more than 10%. According to BONY information, at the end of September MSIM was the only institutional investor with over 0.5% of Kalina. The largest stake after MSIM is 0.49%, owned by the fund Fidelity Management and Research.