Noble Group

Noble Group Limited
Native name
 来宝集团
Public
Traded as SGX: CGP
Industry Conglomerate
Founded 1986 (1986)
Founder Richard Samuel Elman
Headquarters Hong Kong
Key people
 William James Randall (Co-CEO), Jeffrey Scott Frase (Co-CEO)
Products Agriculture, Energy, Metals, Minerals, Logistics
Revenue US$46 billion (2016)
Number of employees
 1,000 (2017)
Website www.thisisnoble.com

Noble Group Limited (SGX: CGP) is a commodities trader across a range of industrial and energy products. The company is incorporated in Bermuda and is listed in Singapore. Noble is in financial distress after defaulting on its financial obligations. [1]

Bond Ratings

As of March 2018, Noble's bonds are rated D by Moody's and S&P after the company defaulted on its bond interest and principal payment. [2]

Milestones

1997

Listed on the Singapore Stock Exchange.[3]

2000

Included in the Fortune 500.

2009

China's sovereign wealth fund, China Investment Corp (CIC), took a 14.9% stake (573 million shares) in the company. [4]

CIC cut its stake to less than 10% in 2014.

2012

Completion of Gloucester coal and Yancoal merger.[5]

2014

Agreement reached for a COFCO-led consortium to acquire 51% of Noble's agricultural business, forming JV Noble Agri.[6]

2015

Noble's share price tumbled 65% as it was accused of accounting fraud by Iceberg Research[7], while its credit rating was downgraded to junk. The remaining 49% of its agricultural business was also sold.[8]

Noble recorded net losses of $1.7 billion in 2015.

2016

CEO Yusuf Alireza was fired on 29 May.[9]

2018

Noble Group defaulted on both its bond interest and bond principal payment. One of its main shareholders (Goldilocks) is suing the company and its managers for financial misrepresentation.[10]

References

  1. ↑ https://www.businesstimes.com.sg/companies-markets/sp-downgrades-noble-rating-to-d
  2. ↑ https://www.businesstimes.com.sg/companies-markets/sp-downgrades-noble-rating-to-d
  3. ↑ "Noble's SGX IPO Prospectus" (PDF). Thisisnoble.com. Retrieved 2015-07-31.
  4. ↑ "CIC Buys 15% Stake in Noble Group to Gain Commodities". Bloomberg.com. Retrieved 2015-07-31.
  5. ↑ "Proposed Merge". Infopub.sgx.com. Retrieved 2015-07-31.
  6. ↑ "China's COFCO to pay $1.5 billion for stake in Noble's agribusiness". Reuters.com. Retrieved 2015-07-31.
  7. ↑ https://icebergresearch.files.wordpress.com/2015/02/report-1-associates-and-agri-15022015.pdf
  8. ↑ "Noble rating cut to 'junk' as commodities continue to tumble". SCMP. Retrieved 23 May 2017.
  9. ↑ "Ex-Noble Group's CEO Alireza Sues Founder Elman for $58 Million". Bloomberg.com. 2017-06-14. Retrieved 2017-10-21.
  10. ↑ https://www.bloomberg.com/news/articles/2018-03-20/noble-group-hit-by-lawsuit-from-top-shareholder-as-default-looms

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