(MENAFN) The US Treasury Department stated that it will sell its remaining shares of General Motors (GM) common stock to completely exit its investment in the automaker during the coming 12-15 months, reported Xinhua News.
The department said that the sale of around 300.1 million shares in the car manufacturer comes after nearly 4 years of partial ownership of the company following the start of the financial crisis.
The US government's investments in GM reached around USD50 billion through the Troubled Asset Relief Program (TARP), which is a bailout program introduced in 2008 to help the country's financial firms and car makers.
So far, the Treasury has recovered approximately 93 percent of the funds in the amount of USD418 billion distributed via the TARP.
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