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.

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

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

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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.