(Bloomberg) -- Straumann Holding AG shares fell by the most in a year after Singapore’s sovereign wealth fund GIC Pte reduced its stake in the Swiss dental-implant manufacturer.
The stock declined as much as 5.2 percent on Wednesday, the most since Aug. 24, 2015, and traded 4.9 percent lower at 383.25 Swiss francs at 10:18 a.m. in Zurich.
Straumann today said GIC, its second-largest shareholder, reduced its stake in the firm from 14 percent to less than 5 percent in a sale of 1.4 million shares . GIC bought a 10 percent stake in 2012 from Straumann’s vice chairman. Its investment has nearly quadrupled since then, according to Sibylle Bischofberger, an analyst at Zuercher Kantonalbank.
The fact that Straumann itself acquired one-third of the shares from GIC “underpins how confident the management is in the future of the company,” Carla Baenziger, an analyst at Vontobel Holding AG, wrote in a report.
“The successful placement of the large amount of shares confirms our view that the investment case remains very attractive,” Baenziger wrote.
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