Citigroup, Inc. (NYSE:C)
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Government of Singapore Investment Corp. Tuesday said that it has reduced its stake in Citigroup Inc. (C) to below 5% from over 9%.
"On 11 September 2009, GIC exchanged its US$6.88 billion holdings of convertible preferred stock for Citigroup common stock, together with the US Government and other private investors. The conversion price was US$3.25 per share. This exchange resulted in GIC having a shareholding stake exceeding 9% in Citigroup," GIC said.
It said following the exchange, the sovereign wealth fund reduced its stake through open market sales.
"This was the level GIC had intended when it invested in Citigroup through the convertible security. A stake below 5% reflects GIC's goals and desire to be a portfolio investor," the statement said.
It said that GIC will continue its investment in Citigroup as it was confident of its long-term prospects.
The statement, however, didn't give the financial details of the sale.
-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; firstname.lastname@example.org