Alibaba.com
SINGAPORE, Feb 27 - Sovereign wealth fund the Government of Singapore Investment Corp (GIC) said on Friday it will convert its Citigroup preferred shares into common stock in a bid to shore up the troubled U.S. lender.
GIC said it will exchange its convertible preferred notes to common stock at a price of $3.25 a share, compared with the conversion price of $26.35 under the terms of the original investment.
It said its stake in Citi will rise to an estimated 11.1 percent. Based on a Citi market cap of $13.7 billion, this works out to a stake worth $1.52 billion, or a loss of $5.36 billion on its original investment, according to Reuters calculations.
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