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GIC: Did Not Participate In Swiss Govt's UBS Share Placement

SINGAPORE -(Dow Jones)- Government of Singapore Investment Corp. Thursday said it did not participate in the Swiss government's placing of UBS AG (UBS) shares, but added that it remains confident about the bank's outlook. "GIC did not participate in the placement of UBS shares," the sovereign wealth fund said in a statement. "As a large investor in UBS, we maintain our confidence in the long-term prospects." The Swiss government is placing its CHF6 billion ($5.63 billion) holding of UBS mandatory convertible notes institutional investors. The notes will be converted when the sale is completed on Aug. 25. UBS has said the sale will add 332,225,913 shares to its capital, which translates to a dilution of over 10%. -By Se Young Lee, Dow Jones Newswires; +65 6415 4155; [email protected]

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