Singapore's sovereign wealth fund has made a $1.6bn profit after selling half of the 9 per cent stake in Citigroup it acquired during this year's US government-led refinancing of the troubled bank.
In an unexpected announcement yesterday, the Government of Singapore Investment Corporation said that the sale followed the conversion, on September 11, of its $6.8bn of convertible preferred stock for Citi common stock at $3.25 a share.
Ng Kok Song, GIC's chief investment officer, said the fund also held an unrealised gain of $1.6bn, giving it a total profit of $3.2bn on its participation in the rescue, which was announced in February.
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