GIC to sell up to 2.4% stake in UBS

[ZURICH] Singapore's sovereign wealth fund GIC plans to sell a UBS stake of up to 2.4 per cent, the Swiss bank said on Monday.

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

UBS shares fell more than 1 per cent after the news before paring losses to 0.7 per cent.

REUTERS