May 17, 2017 / 6:45 AM / in 3 months

Singapore's GIC sells Straumann stake, shares indicated lower

The logo of dental implant manufacturer Straumann Group is seen at its headquarters in Basel, Switzerland May 5, 2017.Arnd Wiegmann

ZURICH (Reuters) - Singapore sovereign wealth fund GIC Private Limited has sold its roughly 3.4 percent stake in Straumann (STMN.S), the Swiss dental implant maker said on Wednesday.

"Singapore's SWF GIC sells remaining 0.54m $STMN shares (c.3.4% o/s) after a new all-time high and similar transaction in $UBS on Monday," Basel-based Straumann said in a tweet from its investor relations account, referring to GIC's selling a chunk of its UBS (UBSG.S) stake this week.

Straumann shares were seen opening down 1.9 percent on the news JBPRE04. The GIC stake would have been worth around 300 million Swiss francs ($305 million), based on Straumann's 8.76 billion franc market capitalization.

Reporting by Joshua Franklin and John Miller; Editing by Michael Shields

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