The Wall Street Journal, 26 Jun 2009, Dow Jones
SINGAPORE (Dow Jones)--The Government of Singapore Investment Corp. did not take part in a stock sale by UBS AG (UBS), the Singapore sovereign wealth fund said Friday.
"GIC did not participate in the capital raising exercise as we are already a large investor," spokesperson Jennifer Lewis told Dow Jones Newswires.
GIC now holds about 6% stake in UBS after injecting CHF11 billion into the banking giant last year. The stake was originally around 9%, but got gradually diluted after UBS's previous share offers and a move by the Swiss National Bank in October to put $60 billion into the bank.
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