Morgan Stanley to sell 34.3pc stake in CICC
Morgan Stanley says it will book a pre-tax gain of US$700 million after selling its 34.3 per cent stake in China International Capital Corp to US-based private equity firms TPG Capital and KKR, the Government of Singapore Investment Corporation and Malaysia's Great Eastern Life Assurance. The deal is expected to be completed by the end of the year. Morgan Stanley invested US$35 million in CICC in 1995, but ceded control in 2000. CICC is now run by Levin Zhu, son of former premier Zhu Rongji. After the sale, Morgan Stanley would focus on a joint venture with China Fortune Securities.