Business

GIC sells stake in Straumann


Sovereign wealth fund GIC yesterday said that it sold its remaining 3.4 per cent stake in Swiss dental implant maker Straumann for 541 Swiss francs per share.

The GIC stake would have been worth about 300 million Swiss francs (S$425.9m), based on Straumann's 8.76 billion Swiss franc market capitalisation, according to Reuters.

GIC became a major shareholder of Straumann in 2012 as it raised its stake to 14 per cent through a transaction involving a 10 per cent block of shares purchased from major shareholder, Dr Thomas Straumann.

The wealth fund reduced its holdings in Straumann to less than 5 per cent in 2016, according to a release by the Swiss firm.

Straumann is regarded as a global leader in implant, restorative and regenerative dentistry.

Recently, it was reported that it was planning to acquire a 3D printing partner. Straumann turned in a net profit of around US$230m (S$320m) last year and is looking to invest in advanced technology.

This is GIC's second block sale in as many days, after the wealth fund reduced its stake in Swiss bank UBS Group for an undisclosed loss.

GIC said on Monday it was disappointed its investment resulted in a loss, but said an investment in Citigroup at around the same time had earned a positive return.

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