September 22, 2009 / 8:17 AM / in 8 years

Singapore GIC says cuts stake in Citi to below 5 pct

SINGAPORE, Sept 22 (Reuters) - The Government of Singapore Investment Corp (GIC) said on Tuesday it has cut its stake in Citigroup (C.N) to below 5 percent through open market sales.

    GIC held more than 9 percent of Citi on Sept 11, when it converted its preference shares in the U.S. bank to ordinary shares at $3.25 per share.

    “A stake below 5 percent reflects GIC’s goals and desire to be a portfolio investor,” the Singapore sovereign wealth fund said in a statement.

    “GIC will continue its investment in Citigroup as we are confident of its long-term prospects,” it added. (Reporting by Kevin Lim and Saeed Azhar; Editing by Anshuman Daga)

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