Summary
DUBAI, United Arab Emirates - Kuwait's sovereign wealth fund said Sunday it booked a profit of $1.1 billion by selling the stake it took in Citigroup Inc. less than two years ago when the banking giant was strapped for cash.
The Kuwait Investment Authority said in a statement it sold the preferred shares after converting them to common stock for $4.1 billion. That works out to a gain of nearly 37 percent on its $3 billion investment.See the full content of this document
Extract
Kuwait Nets Big Gainon Citigroup Shares
Calls to the Kuwait fund for further details went unanswered. A Citi spokesman dec...
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