By DANIA SAADI
DUBAI –The Kuwait Investment Authority, the Gulf country’s sovereign wealth fund, said Sunday it sold a $4.1 billion stake in Citigroup Inc. making a profit on the deal.
The fund, also known as the KIA, said it made a $1.1 billion profit from the sale, or a 36.7% return on its investment, according to an emailed statement.
“The authority converted its preferred shares to common shares following negotiations with the bank’s administration, selling all of the shares for $4.1 billion,” the statement said.
The KIA invested $3 billion in Citi and another $2 billion in Merrill Lynch & Co. in 2008 as Wall Street lenders turned to outside investors to replenish capital hit by subprime-mortgage losses in the U.S. READ MORE
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