CNNMoney.com, 25 Nov 2008
SINGAPORE -(Dow Jones)- The Government of Singapore Investment Corp. won't buy more shares in Citigroup Inc. (C) and its stake will be diluted following the U.S. government's investment in the banking giant, two people familiar with the situation said Tuesday.
"They (GIC) are not planning to buy more shares in Citi, at least for now. So their stake will be diluted," one person told Dow Jones Newswires.
GIC, which manages Singapore's foreign exchange reserves, bought in January $ 6.88 billion in Citigroup preferred shares which if converted to ordinary shares would give the Singapore sovereign wealth fund a 4% stake in the bank.
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