GIC cuts losses on UBS investment to redeploy cash
GIC, one of Singapore’s two sovereign wealth funds, has sold a chunk of the stake in UBS it acquired before the financial crisis, through a mandated block trade led by UBS’s own investment bank.
UBS conducted a wall-crossing exercised and obtained indications from investors covering 75% of the deal.It then launched the sale of the 93m shares, a 2.4% stake, after the close on Monday with a price range of Sfr16 to market. UBS had closed at Sfr16.61 that day, down ...
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