GIC sells entire 3.4% stake in Swiss dental equipment maker Straumann Holding
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Singapore
SINGAPORE sovereign wealth fund GIC has fully divested its 3.4 per cent stake in dental equipment maker Straumann Holding for about 292 million Swiss francs (S$415 million), or 541 Swiss francs per share, through an accelerated book-building offering.
GIC first became a major shareholder of Straumann in 2012, acquiring a 10 per cent stake when the share price was about 108 Swiss francs. GIC reduced its holdings, from 14 per cent to less than 5 per cent, in 2016 when the stock was trading at about 395 Swiss francs. On Wednesday, Straumann stock closed at 551.5 Swiss francs before GIC's block sale.
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