Noble Group, the Singapore-based commodities firm backed by China’s sovereign fund, said it appointed Robert van der Zalm as its new chief financial officer after Stephen Jeffrey Marzo left the post by mutual agreement with the company. Van der Zalm joins from BHP Billition where he was global finance chief of the aluminium division.
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The shares rose as much as 3.3% on the local stock exchange to $2.20, the highest since March 19. They closed up 1.9% at $2.17. The key index fell 0.7%.
The Hong Kong-based company told investors it may price the five-year notes to yield between 337.5 basis points and 350 basis points more than similar-maturity Treasuries, said the person, who asked not to be identified because the details are private. The 10-year notes may be priced at about a 387.5 basis- point spread, they said.
Selling pressure on Noble Group (N21.SG) not letting up as controlling shareholder Richard Elman’s decision to step down as chairman raises concerns he may offload some shares, says Dow Jones.
Stock off 2.9% at $1.67 with volume at 4-week high, may hold above $1.63, based on orderbook quotes.
Noble Group (N21.SG) off 2.3% at 8-session low of $1.68 in active trade as investors react to news of Richard Elman stepping down as chairman, according to Dow Jones.
Pullback not surprising as Elman widely credited for building up supply chain manager, but analysts say it’s still business as usual.
The net proceeds from the issue will be used for general corporate purposes, the firm said in a statement, adding further details would be announced after pricing.
China’s pledge for greater yuan flexibility positive for high-end developers in Singapore like SC Global (D2S.SG), Wing Tai (W05.SG), as well as for Noble Group (N21.SG), marginally beneficial for ComfortDelgro (C52.SG), says DMG, according to Dow Jones.
DMG says stronger yuan will increase appetite of Chinese to buy high-end homes outside of China, including Singapore, where they currently account for about 3% of total home sales.
Noble Group’s (N21.SG) is up 0.6% at $1.8 on foray into palm oil sector via purchase of 51% stake in PT Henrison Inti Persada in Indonesia.
Noble Group (N21.SG) off 3.3% at 3-session low of S$1.76 as renewed fears of Europe’s debt problems revive concerns over supply chain manager’s exposure to continent, says Dow Jones.
Noble Group, the commodities supplier backed by China’s sovereign wealth fund, said it is increasing the size of its credit-guarantee facility to US$1.2 billion ($1.7 billion) from US$800 million.
Noble Group (N21.SG) +2.3% at $1.78, extending 8.1% gain over last two sessions, as buyers return after recent price correction fuelled partly by stock trading ex-bonus, according to Dow Jones.
Noble Group (N21.SG) said today it will purchase Houston and Denver-based Northville Product Services for a cash consideration of US$70 million ($97.1 million).
Noble Group (N21.SG) is down 0.3% at $2.87 but off early low of $2.80 as supply chain manager’s strong fundamentals supportive, evident in record 1Q10 revenue of US$11.4 billion ($16 billion) (+87% on-year).
