AGRIBUSINESS, ENERGY & OFFSHORE | Staff Reporter, Singapore

It’s all systems go for Noble’s US$750m Agri stake disposal

It will receive the amount on March 3.

Noble Group’s share sale agreement for the disposal of its remaining interest in its agribusiness arm NobleAgri has become wholly unconditional, Asia’s largest commodity trader revealed.

Noble’s remaining 49% stake in its loss-making agribusiness arm will be sold to Cofco International, one China’s largest state-owned enterprises.

Noble said that it will receive the closing amount of US$750 million on Thursday, March 3.

The deal, which was first announced late in December 2015, will reduce pressure on Noble's current tight liquidity position, analysts say. Noble has said that it will use the entire proceeds of the sale to pay down debt.

Earlier this week, Noble warned shareholders that it will report a net loss for FY15, on back of a US$1.2 billion asset write-down brought about by depressed commodity prices.

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