SINGAPORE - Singapore sovereign wealth fund GIC has sold its entire stake in Straumann Holding AG for 297 million Swiss francs (S$421 million) before any discount.

This is the second block sale for GIC in as many days after offloading a 2.4 per cent stake in UBS worth about US$1.7 billion (S$2.4 billion) at Monday's prices.

The block sale of 540,000 shares represents a 3.4 per cent interest in the dental implant manufacturer, headquartered in Basel, Switzerland.

A report by Global Capital cited JP Morgan as book runner for the deal.

GIC became a major investor in Straumann in 2012, when it increased its stake from 4 per cent to 14 per cent.

The sovereign wealth fund later pared its holding to less than 5 per cent in August 2016 through an accelerated book-building offering.

Straumann stock closed at 551.5 Swiss francs on Wednesday (May 17) before GIC's block sale.