Singapore Cuts Citigroup Holdings to Below 5%
By wchung | 22 Apr, 2025

A Singapore sovereign wealth fund said Tuesday it has cut its stake in Citigroup Inc. from 9 percent to below 5 percent, reducing its holding to the level planned before a recent exchange of preferred stock.

The Government of Singapore Investment Corp. said its Citigroup stake jumped above 9 percent this month when it exchanged $6.88 billion of convertible preferred stock for common stock. Other private investors and the U.S. government made similar exchanges at the same time.

GIC said it sold Citigroup shares on the market following the exchange, reducing its stake to under 5 percent.

“This was the level GIC had intended when it invested in Citigroup through the convertible security. A stake below 5 percent reflects GIC’s goals and desire to be a portfolio investor,” it said in a statement.

“GIC will continue its investment in Citigroup as we are confident of its long-term prospects,” GIC said.

The conversion price for the preferred stock was $3.25 a share.

GIC is the larger of Singapore’s two sovereign wealth funds.

9/22/2009 6:11 AM SINGAPORE (AP)