SINGAPORE - Asset manager BlackRock Inc is now deemed a substantial shareholder of Venture Corporation, after its related entity the PNC Financial Services Group became such through a share purchase on July 19.
Venture reported this in a filing to the Singapore Exchange on Tuesday (July 23), saying that PNC acquired about 525,400 Venture shares last Friday. This increased PNC's shareholding in the electronics manufacturing services provider to 5.16 per cent.
According to PNC's 2018 annual report, it has a substantial minority equity interest in BlackRock.
As a result, BlackRock holds a deemed interest in Venture because it has indirect control of an entity that holds direct interest in Venture.
Venture shares closed up 25 cents or 1.62 per cent to $15.67 on Tuesday before the announcement.