Singapore sovereign wealth fund, Government Investment Corp (GIC), will convert 11 billion Swiss francs ($14.54 billion) worth of UBS notes into shares next month at a price that may erode the value of its stake in the Swiss bank by 70%.
So far, I haven't heard of good news from Singapore's two sovereign wealth fund - GIC and the Temasek Holdings.
UBS stake may be worth 70% less as GIC converts [via]
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