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Singapore GIC cuts stake in Bunge to 1.73 pct-filing
February 14, 2014 / 1:05 AM / 4 years ago

Singapore GIC cuts stake in Bunge to 1.73 pct-filing

SINGAPORE, Feb 14 (Reuters) - Singapore sovereign wealth fund GIC has cut its stake in commodities trader Bunge Ltd to 1.73 percent from 4.99 percent a year earlier, according to a U.S. regulatory filing.

GIC, which had built up its stake in Bunge close to 5 percent in 2012, cut its holding after Bunge’s share price jumped about 13 percent in 2013.

GIC said in a filing on Thursday it owned 1.73 percent of Bunge shares, versus 4.99 percent as of Feb. 6, 2013, according to a Securities and Exchange Commission filing seen by Reuters.

GIC was not immediately available to comment about why it cut the stake.

Sovereign wealth funds like GIC, hurt by investments in Western banks during the 2008 financial crisis, had built up stakes in new sectors such as commodities and infrastructure after the financial crisis.

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