Sept. 16 (Bloomberg) -- Noble Group Ltd., the Hong Kong-
based supplier of raw materials, is in “detailed negotiations”
with an investor, which may lead to a stake sale.
“Investors have been in discussion with Noble with a view
to their becoming shareholders,” the company said today in a
statement to the Singapore stock exchange. “Noble is engaged in
details negotiations with one of these investors and these
discussions may, or may not, lead to a purchase of a major
shareholding in the group.”
Commodity suppliers are benefiting as China, the world’s
biggest consumer of metals and oilseeds, boosted imports to
build stockpiles and its $586 billion stimulus spending fueled
manufacturing and building demand.
Noble shares last traded at S$2.30 before they were
suspended yesterday. The stock has more than doubled this year,
making it the fourth-best performer on the Straits Times Index.
The company this year won control of Sydney-based
Gloucester Coal Ltd. and ordered five bulk carriers for about
$320 million to meet expected demand.
Noble Temple Trading is the biggest shareholder with 30.96
percent of Noble Group, according to data compiled by Bloomberg
data. Vice Chairman Harry Banga owns a 10.5 percent stake,
according to the same data.