BlackRock no longer Venture Corp substantial shareholder as deemed interest falls to 4.97%

The BlackRock logo seen outside one of its offices in New York City.
The BlackRock logo seen outside one of its offices in New York City.PHOTO: REUTERS

SINGAPORE - Funds controlled by American investment firm BlackRock Inc have sold 384,800 shares in mainboard-listed Venture Corp to bring the investment firm's deemed interest in the electronics manufacturer to 4.97 per cent from 5.11 per cent.

As a result, BlackRock has ceased to be a substantial shareholder in Venture Corp.

The consideration of $8.28 million works out to a per-share price of $21.52, the same as Venture's closing price on May 11, the date of the change in interest.

PNC Financial Services Group, through its 20 per cent stake in BlackRock, is a deemed shareholder in Venture Corp.

Additionally, PNC is also deemed to be interested in a further 369,241 ordinary shares in Venture Corp.

As at 4.19pm on Tuesday, Venture's shares were trading at $22.20, down 0.23 per cent or $0.05.