Singapore

The Government of Singapore Investment Corp (GIC) has sold about half its preferred shares in Citigroup in September, realizing profits amounting to US$1.6bn. GIC invested US$6.9bn into the bank in January 2008 and the holdings amount to just US$2bn in March 2009, during the trough of the equity markets. The improvement in fortunes is due in large part to the lowering of the conversion price of these shares from US$26.35 to US$3.25 a share as part of Citigroup's bailout package in February 2009. Although this investment had worked out well, it must be noted that GIC's stake in UBS is still showing paper losses amounting to over US$4.0bn.

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