BlackRock no longer Venture substantial shareholder after funds sell S$8.3m of stock

AMERICAN investment firm BlackRock Inc is no longer a substantial shareholder of tech manufacturer Venture Corp after the firm's funds sold S$8.28 million of shares, or a 0.14 per cent stake, on the open market.

The 384,800 shares were sold at an average of S$21.52 apiece on May 11, matching that session's closing price.

The sales pared BlackRock's deemed stake in mainboard-listed Venture to 4.97 per cent from 5.11 per cent, which means BlackRock no longer has to report on changes to its stake under Singapore's rules on substantial shareholdings.

PNC Financial Services Group, through its 20 per cent stake in BlackRock, is a deemed shareholder in Venture Corp.

Additionally, PNC is also deemed to be interested in a further 369,241 ordinary shares in Venture Corp.

As at Tuesday's market close, Venture's shares were trading at S$22.18, down 0.4 per cent or S$0.09.