Noble Group quashes insolvency rumours, says in touch with potential investors

It will release results earlier to address accusations.

Noble Group today quashed rumours that it will be unable to fund its $735m bond redemption which is due on August 4th, and said that it has been approached “by a number of parties” in terms of potential financings and investment options.

The assertion came after the battered commodity trader’s stock lost 22% of its value in just two trading days.

The group also said that it will bring forward its Q2 earnings release by three days to August 10, during which it will also reveal findings of the third-party review by PwC.

Nicholas Teo, analyst at CMC Markets, said that Noble’s early morning revelations might finally give its share price some much-needed respite today.

“This may just have an impact on trading in Noble Group’s shares today, with a rebound highly possible. Looking at the charts below, Noble Group shares are in a state of capitulation. With volume on the shares traded on Friday almost three times that of the previous day and almost ten times the volume on Wednesday, there may have be an overreaction to this sell-down, on the downside,” he said.

Also Read

First Resources refutes ties to rainforest clearing in Indonesia

Olam Agri expands funding mix with $625M Murabaha facility

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit