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ENERGY & OFFSHORE | Staff Reporter, Singapore

Noble sells American coal unit for US$34.5m

The unnamed buyer exercised a call option in 2015.

Noble Group Limited (NGL) sold its American coal unit MR Coal Marketing & Trading, LLC (MR Coal) for $46.62m to an unnamed buyer.

According to an announcement, the sale was made by Noble Americas Emerald Corp (NAEC) after the purchaser exercised a call option, which was granted by NGL in 2015 following its initial acquisition of MR Coal in 2015.

NGL said, "The grant of the call option which is not exercisable at the discretion of the Group did not amount to a discloseable transaction for the purposes of Chapter 10 of the listing manual of the Singapore Exchange Securities Trading Limited at the time of grant of the option."

As of the first nine months of 2017, the book value and net tangible asset value attributable to MR Coal was approximately $48.11m (US$35.6m).

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