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 科威特在花旗银行上赚了一大票，i wish i could say the same. |
ceo/cfo
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科威特在花旗银行上赚了一大票，i wish i could say the same.
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Kuwait fund sells $4bn Citi stake
By Andrew England in Abu Dhabi
Published: December 6 2009 12:01 | Last updated: December 6 2009 14:01
Kuwait’s sovereign wealth fund has made a $1bn profit after selling its stake in Citigroup for $4.1bn less than two years after acquiring preferred shares the US’s largest bank during the financial crisis.
The Kuwait Investment Authority said on Sunday it had sold its entire stake in the US bank, earning the sovereign wealth fund a 37 per cent return on its investment.
The KIA sale comes as Citigroup is set to intensify efforts to break free from the US government’s emergency bank funding programme.
The KIA made the investment in Citi in January 2008 as struggling western banks looked to the oil rich Arab Gulf as a source of capital. It also invested $2bn in Merrill Lynch as Wall Street banks were hit by billions of dollars of writedowns linked to investments in the US property market.
The decision by Bank of America last week to pay back $45bn of government money has increased the pressure on other borrowers from the US government’s troubled asset relief programme, including Citigroup and Wells Fargo.
Citi announced in July that virtually all of the non-government holders of its preferred shares had agreed to convert them into common stock as part of a bail-out package for the bank, which has been a repeated recipient of US government assistance.
The KIA said it had taken the option of converting the preferred shares into common shares. But in a statement the fund did not reveal when the preferred shares were converted or when the ordinary shares were sold.
Citigroup shares, which fell below $5 earlier this year, closed at $17.40 on Friday in New York.
The investment by KIA in Citigroup was part of a $14bn capital raising by the US bank in January 2008 which followed a $7.5bn investment by the Abu Dhabi Investment Authority in November 2007.
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.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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