May 15, 2017 / 3:15 PM / 2 months ago

UBS shareholder GIC to sell up to 2.4 pct stake

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ZURICH, May 15 (Reuters) - UBS Group shareholder GIC, a Singapore sovereign wealth fund, plans to sell a UBS stake of up to 2.4 percent, the Swiss bank said on Monday.

GIC intends to sell up to 93 million existing shares in UBS Group, equivalent to 2.4 percent of the outstanding shares and voting rights, through an accelerated bookbuild offering to institutional investors, UBS said.

UBS shares fell more than 1 percent after the news before paring losses to 0.7 percent. (Reporting by Michael Shields; Editing by David Goodman)

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