WASHINGTON (MNI) – The following is a statement by the U.S.
Treasury Thursday announcing the completion of its current trading plan
to sell Citi Group common stock:
WASHINGTON – The U.S. Department of the Treasury today announced
the sale of approximately 1.1 billion shares of Citigroup common stock
pursuant to the completion of its second trading plan with Morgan
Stanley as sales agent. To date, Treasury has sold a total of
approximately 2.6 billion shares of Citigroup common stock at an average
price per share of $4.03, and has received total gross proceeds of
approximately $10.5 billion from the sale.
Treasury received 7.7 billion shares of Citigroup common stock last
summer as part of the exchange offers conducted by Citigroup to
strengthen its capital base. Treasury exchanged the $25 billion in
preferred stock it received in connection with Citigroup’s participation
in the Capital Purchase Program for common shares at a price of $3.25
per common share.
Treasury currently owns approximately 5.1 billion shares of
Citigroup common stock and expects to continue selling its shares in the
market in an orderly fashion once the blackout period set by Citigroup
related to its second quarter earnings release ends.
The results of the second trading plan will be posted on Treasury’s
TARP transactions report within two business days at
www.financialstability.gov.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: M$U$$$,MGU$$$,MNUEQ$,MFU$$$]
