iFAST confirms CP invest’s $134m share sale

Stake cut from 9.6% to 4.9%.

iFAST Corporation Ltd. (iFAST Corp) has confirmed that its substantial shareholder CP Invest Ltd (CP Invest), formerly known as SPH Invest Ltd, has sold 14.35 million shares in the company.

The transaction was carried out via a block trade handled by UBS and Morgan Stanley.

Data from the Singapore Exchange (SGX) showed several married trades amounting to 14.35 million iFAST shares executed at $9.12 each, representing a 6.7% discount to Monday’s closing price of $9.77. The block is valued at around $134m (US$104m).

If confirmed, the sale reduces CP Invest’s stake in iFAST Corp from about 9.6% to 4.9% of issued shares. This would result in CP Invest ceasing to be a substantial shareholder of the wealth management platform.

iFAST Corp said that the placement involved no issuance of new shares by the company.