Noble falls further as it transfers shares to departing employees
Singapore — The sell-off in commodities trader Noble Group deepened after the embattled commodities trader transferred more than 14-million shares to employees who are leaving the company, as it disposes of North American energy assets in a drawn-out bid to survive. The shares plunged 8.1% to 17 Singapore cents by 11.53am, the lowest since 1999. The stock has lost 17% since last Friday’s close, dropping for a seventh week. Its market capitalisation, which once topped $10bn, has shrunk to $168m. Noble Group, which held talks with creditors this week in a bid to agree the restructuring of $3.5bn in bonds and loans, has been offloading assets to raise funds amid a liquidity squeeze. Among the units sold off were the gas-and-power unit, bought by Mercuria Energy, and in a deal that is yet to close, its prized oil-liquids business to Vitol Group.
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