Singapore`s GIC slashes stake in Citigroup to below 5%
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Last Updated: Tuesday, September 22, 2009, 18:32
  
Singapore/New Delhi: Government of Singapore Investment Corp (GIC) today said it has reduced its stake in global financial services major Citigroup to below five per cent through open market sales.

GIC, the Singapore Government's investment management company, had nine per cent stake in Citigroup earlier.

"This was the level GIC had intended when it invested in Citigroup through the convertible security. A stake below five per cent reflects GIC's goals and desire to be a portfolio investor," the statement said.

On September 11, GIC had exchanged its USD 6.88 billion holdings of convertible preferred stock of Citigroup into common stock.

The conversion price had been USD 3.25 per share, this exchange had resulted in GIC having a shareholding stake exceeding nine per cent in Citigroup.

Following the conversion, GIC has now reduced this stake in Citigroup to below five per cent through open market sales.

However "GIC will continue its investment in Citigroup as we are confident of its long-term prospects," the statement added.

Bureau Report


First Published: Tuesday, September 22, 2009, 18:32


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