The first Citi convert: Government of Singapore Investment (GIC) agrees to convert its preferred...

|By:, SA News Editor
The first Citi convert: Government of Singapore Investment (GIC) agrees to convert its preferred shares in Citigroup (C) into common stock at $3.25/share. And why not? It's a heck of a lot better than the originally agreed conversion price of $26.35. GIC's stake rises to an estimated 11.1%.