GIC further cuts stake in swimming-pool supplier Leslie’s

Sign at CapitaLand’s Capital Tower in Singapore CBDSign at CapitaLand’s Capital Tower in Singapore CBD

Singapore sovereign wealth fund GIC has sold 484,395 shares in Leslie’s Inc., which provides supplies for swimming pools, at US$26.8108 each, for a total of around US$13 million, according to a filing to U.S. securities regulators Thursday.

GIC, via its wholly owned Explorer Investment, will continue to hold 25.85 million shares, the filing said.

That followed a mid-June filing from GIC which showed it had disposed of 8.18 million shares at US$26.81 each, garnering around US$219.34 million.

In a prospectus filed in early June, Leslie’s had said major shareholders were offering 24.5 million shares for sale at US$27.64 each, in a deal that wouldn’t provide proceeds to the company. The deal’s underwriters had the option to acquire an additional up to 3.675 million shares at the offering price, the prospectus said.

GIC had offered 8.18 million shares, according to the prospectus, which calculated that if sold would have reduced the sovereign wealth fund’s stake in the company to 13.3 percent to 13.9 percent, from its around 18.2 percent stake, based on its then holding of 34.52 million shares.