CNNMoney.com, 27 Feb 2009
SINGAPORE -(Dow Jones)- Government of Singapore Investment Corp. Friday said it has agreed to convert its preferred shares in Citigroup Inc. (C) into common stock at $3.25 a share.
The conversion price is well below the originally agreed conversion price of $ 26.35 a share. GIC said in a statement that after the conversion its stake in the troubled U.S. bank will rise to an estimated 11.1%
According to a Securities and Exchange Commission filing in late January, GIC held a beneficial 5.3% stake, or 303.8 million shares in Citigroup. These include preferred shares that can be converted into 261.1 million common shares.
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