GIC sells entire 3.4% stake in Swiss dental equipment maker Straumann Holding

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.