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Singapore's GIC sells 2.4 pct UBS stake at 16.10 Sfr/shr - sources
May 16, 2017 / 6:08 AM / in 7 months

Singapore's GIC sells 2.4 pct UBS stake at 16.10 Sfr/shr - sources

ZURICH, May 16 (Reuters) - Singapore sovereign wealth fund GIC Private Limited, which invested in UBS to support it during the 2008/09 global financial crisis, sold a 2.4 percent stake in the Swiss bank at 16.10 Swiss francs ($16.18) each, sources familiar with the matter said.

GIC, which manages more than $100 billion globally, had said it reduced its stake to 2.7 percent from 5.1 percent at a loss, partly because of changes in the lender’s strategy and business.

Selling 93 million shares at 16.10 francs each would raise 1.5 billion Swiss francs. The stock had closed at 16.61 on Monday. ($1 = 0.9951 Swiss francs) (Reporting by Rupert Pretterklieber and Oliver Hirt; Editing by Michael Shields and Randy Fabi)

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