Abu Dhabi's Mubadala Development Co. said it owned 65.8 million shares of General Electric Co. through March, bringing the state-owned investment company closer to its goal of becoming a top 10 shareholder.
The stake as of March 31 represents about 0.6 per cent of the Fairfield, Connecticut-based company's outstanding shares, Mubadala said on Monday in an e-mailed statement. That would make it the 17th largest holder, according to data compiled by Bloomberg.
Mubadala and GE last year formed a partnership to invest in emerging markets, including the Middle East and Africa. At the same time, Mubadala said it would seek to become a top-10 shareholder. General Electric has lost about 51 percent since that July 22 announcement.
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