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Monday, December 7, 2009

Kuwait sells Citi stake, makes $1.1 billion profit

KUWAIT (Reuters) - Kuwait's sovereign wealth fund said on Sunday it had sold its stake in Citigroup for a profit of $1.1 billion, becoming the latest Gulf investor to sell foreign shares as markets improve.

Kuwait Investment Authority (KIA) transferred the preferred stock it owned in Citigroup to common shares and sold all of them for $4.1 billion, KIA said in a statement.

KIA said it made a 37 percent return on its initial January 2008 investment of $3 billion in Citigroup's preferred stock.

more at http://uk.reuters.com/article/idUKTRE5B50JY20091207

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