Singapore’s sovereign wealth fund has pocketed a $1.6 bln profit after selling half of the 9% stake in Citigroup it acquired during this year’s US-govt led refinancing of the troubled bank. In an unexpected announcement on Tuesday, the Govt of Singapore Investment Corp. said that the sale followed the conversion, on September 11, of its $6.8 bln of convertible preferred stock for Citigroup common stock at $3.25 a share.
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