Morgan Stanley has been approved by Chinese authorities to sell its 34.4 percent stake in China International Capital Corporation (CICC), the Oriental Morning Post reported Wednesday.

Two US private equity firms- Kohlberg Kravis Roberts & Co. L.P. (KKR) and TPG Capital (TPG) will each purchase about 11 percent in CICC from Morgan Stanley, the newspaper said, citing sources close to the matter.

The remainder of Morgan Stanley's stake in CICC, approximately 12.3 percent, will go to the Chinese investment bank's current shareholders; the newspaper cited foreign media reports.

Shareholders that hold more than 5 percent in CICC include Central Huijin Investment Ltd. (43.35 percent), China National Investment & Guaranty Co., Ltd (7.65 percent), Government of Singapore Investment Corporation (7.35 percent) and Mingly Corporation (7.35 percent).

Founded in 1995, CICC is China's first investment bank.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.