Morgan Stanley subsidiary takes 5% stake in JYP Entertainment stock

A Morgan Stanley-affiliated asset manager has bought more JYP Entertainment shares, raising its stake to more than 5 percent.

Asset management firm Morgan Stanley & CO International PLC disclosed on Thursday that it held a 5.04% stake in South Korea's JYP Entertainment, or 1.78 million shares, as of July 28.

Previously, the company had been buying and selling shares of JYP Entertainment for four days starting on July 24.

The company described its purpose for holding JYP Entertainment shares as "simple investment.”

Write to Eui-Myung Park at uimyung@hankyung.com