2/25/2009

Ouch! it's painful

In January 2008, GIC invested US$6.88b in convertible preferred securities of Citigroup, which at the time would have given it a 4% stake in the bank if converted to common stock. According to a Securities and Exchange Commission filing late last month, GIC now owns a beneficial 5.3% stake, or 303.8m shares, in Citigroup. These include preferred shares that can be converted into 261.1 million common shares. Based on Citi's $1.95 closing price Friday, the stake is worth $592.4 million. The above is an extract from a WSJ article posted in www.littlespeck.com. From US$6.8b to US$592.4, that is less than 10% left. Oooooh, it is so painful.

1 comment:

Matilah_Singapura said...

Three cheers for the highly paid ex-spurts who keep telling the world how great they are at running the show!

Hip hip ka-pui Hip hip ka-puiHip hip ka-pui!