GIC sells 2.4pc UBS stake at loss

New Straits Times - - Business World -

SIN­GA­PORE: Sin­ga­pore sov­er­eign wealth fund GIC said yes­ter­day it has sold, at a loss, al­most half its stake in Swiss bank UBS, which it bought early in the global fi­nan­cial cri­sis. GIC said it was “dis­ap­pointed” with the loss but added that con­di­tions had changed since it bought the stake and it now made sense to in­vest the money else­where. GIC said its hold­ings in UBS had dropped to 2.7 per cent from 5.1 per cent. “It makes sense now for GIC to re­duce its own­er­ship of UBS and to re­de­ploy these re­sources else­where,” said chief ex­ec­u­tive Lim Chow Kiat.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.