The Government of Singapore Investment Corp. will see CHF11 billion worth of UBS AG (UBSN.VX) notes being converted into shares on March 5, according to a Securities and Exchange Commission filing.

The filing said GIC will convert the notes into 230.7 million ordinary shares of UBS, bringing GIC's stake in UBS to 6.6%.

According to a Dow Jones calculation the conversion price will be CHF47.7 per UBS share, pointing to a 71% paper loss when compared with UBS's closing price of CHF13.67 on Wednesday.

GIC held 9% of the Swiss bank through the convertible notes.

A GIC spokeswoman declined to comment. UBS also declined comment.

-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com
Global Industrial (NYSE:GIC)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Global Industrial Charts.
Global Industrial (NYSE:GIC)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Global Industrial Charts.