UBS Group subsidiary emerges as substantial shareholder at iFAST

UBS AG, a subsidiary of UBS Group AG, has become a new substantial shareholder at iFAST Corporation.

According to a Jan 18 filing, UBS AG bought 443,000 shares at a total cost of $1.85 million via market transaction.

This brings UBS’s total stake in iFAST to 13.89 million shares, or 5.1%, from 4.94% previously.

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SEE: UOB initiates 'buy' on iFAST with target price of $3.34

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Any shareholder who has crossed the 5% stake threshold has to disclose its interest on SGX.

In the same filing, UBS Group says it is deemed interested in the shares as the parent entity of UBS AG.

Shares in iFAST closed 10 cents higher or 2.2% up at $4.67 on Jan 18.