هذا الخبر من موقع الفاينانشل تايمز:
Kuwait fund sells Citi stake
By Andrew England in Abu Dhabi
Published: December 6 2009 12:01 | Last updated: December 6 2009 12:12
Kuwait’s sovereign wealth fund has sold a $3bn stake in Citigroup for $4.1bn, the fund said in a statement on Sunday.
The Kuwait Investment Authority, which acquired preferred shares in the US bank in January 2008, made a 37 per cent return on its initial investment, according to the statement, which was sent to the
The KIA had taken the option of converting the preferred shares into common shares, and then selling the stock over a period of time.
The KIA also invested $2bn in Merrill Lynch at that time as struggling western banks looked to the oil rich Arab Gulf as a source of capital.
In November 2007, the Abu Dhabi Investment Authority (Adia), the region’s biggest sovereign wealth fund, invested $7.5bn in Citigroup.
Adia’s holding in Citi is in “equity units” currently paying 11 per cent annual income. They convert into common shares, beginning in March next year through to September 2011. Under the terms of the deal the units will be converted at a price of not less than $31.83 per share.
By the time the last tranche is converted, Citi will have paid almost $3bn in interest to Adia, a source familiar with the transaction said.
As the economic crisis worsened and Citigroup’s shares plummeted both the KIA and Adia were criticised for their investments.
In September 2008, Bader al-Saad, the KIA’s managing director, took the unusual step of acknowledging that at that time the KIA had suffered paper losses of $270m in Citi.
The KIA declined to comment further on Sunday.
Copyright The Financial Times Limited 2009. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
http://www.ft.com/cms/s/0/bd1052e8-...ance&ft_ref=yahoo1&segid=03058&nclick_check=1