Morgan Stanley-CICC sale seen approved by Feb ’11: report

SHANGHAI (BestGrowthStock) – Morgan Stanley’s (MS.N: ) application to sell its roughly $1 billion stake in Chinese investment bank China International Capital Corp (CICC) will be approved by China’s securities regulator by February 2011, the official Shanghai Securities News said on Tuesday.

The application has already gotten the nod from the country’s state council, or cabinet, and the completion is now just a formality, the paper said citing unidentified sources.

If successful, Morgan Stanley will be able to sell its 34.3 percent stake, after paying just $37 million for CICC when it was founded more than a decade ago.

China’s securities regulator started to review Morgan Stanley’s application in May this year, with the deal expected to go through within around three months.

(Reporting by Farah Master and Fayan Wong; Editing by David Chance)

Morgan Stanley-CICC sale seen approved by Feb ’11: report