While no specific dates were given, the United States Treasury issued a statement today stating that the government will begin another round of selling its stake in General Motors. Currently, Uncle Sam holds 241.7 million shares of America’s largest automaker.
“We are pleased with the progress to date and will continue exiting this investment in accordance with our previously-announced plan and timetable, and in a manner that maximizes returns for taxpayers,” said U.S. Treasury assistant secretary for financial stability Tim Massad in a statement.
In December 2012, the U.S. Treasury sold 200 million shares of GM common stock, and also announced that it intended to sell its remaining 300.1 million shares to the public in an “orderly fashion”, completely divesting itself of GM within the next 12-15 months, subject to market conditions. Another incremental sale took place in February.