Singapore’s sovereign wealth fund has pocketed a $1.6bn profit after selling half of the 9% stake in Citigroup it acquired during this year’s US-government led refinancing of the troubled bank. In an unexpected announcement on Tuesday, the Government of Singapore Investment Corporation said that the sale followed the conversion, on Sept 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.

This entry was posted by Gwen Robinson on Wednesday, September 23rd, 2009 at 4:54 and is filed under Capital markets. Tagged with citi, gic. Edit this entry.