AGRIBUSINESS, ENERGY & OFFSHORE | Staff Reporter, Singapore

Noble Group’s chairman hikes stake as shares crash to record low

Elman now holds a 22.13% stake.

Richard Elman, founder and Chairman of embattled commodity trader Noble Group, snapped up 10 million Noble shares on Friday as prices sank to their lowest level since 2008.

Elman’s stake rose to 22.13% after his $3.19m share purchase.

Noble Group’s share price sank to a fresh low last week, after its investment grade status was revoked by Moody’s and Standard and Poor’s. The group’s bonds were also pushed in to distressed territory after yields spiked to 26.4%.

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