Noble suspends trading in Singapore, pending announcement of major transaction
Singapore/Hong Kong — Noble Group suspended its shares from trading in Singapore on Friday pending the announcement of a major transaction, with the commodity trader seeking to clinch a sale of its oil-trading unit in a deal that may be critical to the company’s prospects for survival. The stock was halted at 38 Singapore cents, 2.6% lower, after the Hong Kong-based company’s announcement, which was released just after midday in the city-state, and did not give details of the planned deal. The shares have sunk 78% this year amid concern that Noble Group will default. The trader has been locked in a crisis than spans the past two years, and executives have embarked on a shrink-to-survive strategy by selling units to meet obligations. The oil-trading business is among the most valuable assets that remain, and earlier this week Vitol Group confirmed that while it was in talks over the potential disposal, no deal was certain. Noble Group has a covenant waiver on a $1.1bn credit facility...
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