Financial Times, 27 Feb 2009, John Burton
The Government of Singapore Investment Corp on Friday said it would become the second-largest investor in Citigroup with an 11.1 per cent stake after it agreed to convert its preferred shares into common shares.
Under a deal co-ordinated with Citi’s agreement with the US government, GIC will give up a 7 per cent annual dividend provided by the perpetual convertible notes it acquired from Citi in January 2008 for $6.88bn.
GIC will exchange its preferred shares for 2.1bn common shares at a price of $3.25 a share against a conversion price of $26.35 under the original terms of the 2008 investment.
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