Morgan Stanley Announces Regulatory Approval for CICC Stake Sale

Morgan Stanley MS today announced that it has received all required regulatory approvals for the sale of its 34.3 percent stake in China International Capital Corporation to TPG Capital, KKR, Government of Singapore Investment Corporation Pte Ltd and The Great Eastern Life Assurance Company Limited. Morgan Stanley expects to realize a pre-tax gain of approximately US$700 million upon consummation of the transaction, which is expected to close before the end of 2010.