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.
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1 comment:
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!
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