On 21 October 2025, a public disclosure form was released regarding transactions in the ordinary shares of ENN Natural Gas Co., Ltd. under a proposed privatisation by way of scheme of arrangement. According to the announcement, Morgan Stanley Bank, N.A. — a Class (5) associate connected with the offeror — conducted dealings on 20 October 2025 for its own account.
Morgan Stanley Bank, N.A. purchased a total of 93,100 A shares of ENN Natural Gas Co., Ltd. in connection with hedging Delta 1 products resulting from wholly unsolicited client-driven orders. The total amount paid was US$1,715,576, and transaction prices ranged between US$18.48 and US$18.39 per share. The entity is ultimately owned by Morgan Stanley.