A Glimpse Into Insider Trading And Ownership At Kimco Realty Corporation (KIM)
Wayne-Based Toys"R"Us Files For Chapter 11"
Egypt's Al-Azhar condemns London terrorist attack
Are Analysts Bullish about Ashtead Group plc (LON:AHT) after last week?
Apple TV 4K Is a 4K Apple TV, Finally
UBS Shares Dip After Singapore Sovereign Wealth Fund Plans Stake Sale
16 May 2017, 10:24 | Frank Carlson
"GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS' strategy and business", Lim Chow Kiat, chief executive of GIC, said in a statement issued yesterday.
GIC is selling 93 million shares through an accelerated bookbuilding to institutional investors.
UBS Investment Bank is acting as placement agent on the sale. This effectively means that the GIC had already lowered its stake: in 2014, Singapore owned 7.07 percent of the Swiss bank, but a minimal drop in shares would not be required to be publicly disclosed. GIC said it previously owned 5.1 percent of the Swiss bank's shares and that it will now own 2.7 percent.
Following the investment, former Singapore Prime Minister and GIC Chairman Lee Kuan Yew conceded in an interview in 2009 that GIC was "too early" in buying banks.
UBS and other global banks received massive capital injections from various investors such as GIC as they reeled from the financial crisis sparked by the collapse of the USA housing market.
The Singapore sovereign wealth fund said on Tuesday that the global financial crisis provided the opportunity to invest in both UBS and Citibank, as it "offered a rare chance to take major stakes in the worldwide sector".
According to the statement, GIC said it is "disappointed" that it lost money on the investment.
UBS shares were marked around 1% lower at Sfr16.66 each, compared to a 0.65% gain for the Stoxx Europe 600 Banks index and a 0.68% gain for domestic rival Credit Suisse Group (CS).
At the closing price, 93 million shares would be worth 1.54 billion Swiss francs (RM6.68 billion).
Singapore took a 9 per cent stake in UBS in 2007 via an emergency capital injection when UBS unveiled US$10 billion worth of subprime writedowns.
Mother's Day Ideas for Last Minute Planners
Without knowing it, each one of you has in some way taught me something about being a good mother and for that I thank you . RetailMeNot's shopping and trends expert Sara Skirboll said you don't have to break the bank to make your mom feel special.
Bottas joins F1 Finnish stars with Russian GP win
Hamilton, whose bid for a fourth title last season was wrecked by reliability issues, finished 36 seconds behind the victor . Raikkonen's radio transmissions have become a thing of F1 folklore and the Finn provided much hilarity again on Sunday.
Melissa McCarthy adds spice (and Spicer) as host of 'SNL'
After no luck at Trump Tower, McCarthy's Spicer finds Alec Baldwin's President Donald Trump at a golf course in New Jersey. But what if he's lying to Spicer, reporters ask. "He wouldn't do that, he's my friend!" "No I'm married", Spicer replied.
Punjab stay alive after 7-run win over Mumbai Indians
Maxwell himself made a duck and it was only really Axar Patel who offered any resistance to make 22 as the Kings crumbled. On the other hand, Glenn Maxwell's men will be high on confidence after beating leaders Mumbai and Kolkata on the trot.
Labour loses out as SNP and Tories snap up seats
She said: "We will speak up for the millions of Scots who have had enough of the uncertainty and division of the last few years". And the SNP have not had any difficulty increasing their vote in local by-elections during the last two years.
RCB take wooden spoon, but end season with win
Off the second, he cramped Sanju Samson for room, who spliced a short ball into the hands of Kohli at mid on, attempting the pull. Prior to the start of the season, no one could have imagined that RCB would be the first team to be eliminated from the contest.