SINGAPORE (May 17): Singapore sovereign wealth fund GIC has sold its roughly 3.4% stake in Straumann, the Swiss dental implant maker said on Wednesday.

“Singapore’s SWF GIC sells remaining 0.54 m $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 stake this week.

Straumann shares were seen opening down 1.9% on the news. The GIC stake would have been worth around 300 million Swiss francs ($425 million), based on Straumann's 8.76 billion franc market capitalisation.