Kuwait to invest Citigroup sale proceeds abroad

Kuwait's sovereign wealth fund will invest the proceeds of a $4.1 billion sale of a stake in Citigroup abroad and not in the local market, the country's finance minister said in remarks published on Monday.

The fund, Kuwait Investment Authority, has no plans to sell more foreign assets in the remaining three weeks of 2009, Al-Rai newspaper reported Mustapha al-Shamali as saying.

On Sunday, the fund said it had sold its stake in Citigroup making $1.1 billion in profit.

KIA had transferred the preferred stocks it owned in Citigroup to normal stocks and sold all of them for $4.1 billion.

 

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