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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.
Following the exchange, GIC has reduced its stake to below 5% 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.
GIC will continue its investment in Citigroup as we are confident of its long-term prospects.
For more information, please contact:
Ms Jennifer Lewis
Head, Corporate Affairs & Communications
Government of Singapore Investment Corporation Pte Ltd
168 Robinson Road #37-01
Capital Tower
Singapore 068912
Tel: (65) 6889 8383
H/P: (65) 9826 6198
Email: jenniferlewis@gic.com.sg
Website: www.gic.com.sg
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