Singapore GIC says UBS stake will be slightly diluted
SINGAPORE, Oct 16 (Reuters) - The Government of Singapore Investment Corp (GIC) said on Thursday its over 9 percent stake in UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) will be diluted by the Swiss government's move to invest 6 billion francs in the embattled lender.
"Upon conversion of the MCNs (mandatory convertible notes) held by the Swiss government, GIC's percentage interest in UBS will be slightly reduced," a GIC spokesman said in response to a Reuters query.
GIC, which manages an estimated $300 billion in assets, invested 11 billion Swiss francs into UBS in December last year by buying mandatory convertible notes that can be converted to around 9 percent of UBS.
"GIC explores all investment opportunities that are made available," a spokesman said when asked if the Singapore wealth fund planned to increase its investment in UBS to maintain its stake. (Reporting by Kevin Lim; Editing by Neil Chatterjee)
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