Noble Group

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Noble Group Limited
Native name
來寶集團
Public
Traded asSGX: CGP
IndustryConglomerate
Founded1986; 32 years ago (1986)
FounderRichard Samuel Elman
HeadquartersHong Kong
Key people
William James Randall (Co-CEO), Jeffrey Scott Frase (Co-CEO), Harindarpal Banga (Vice Chairman)
ProductsAgriculture, Energy, Metals, Minerals, Logistics
RevenueUS$46 billion (2016)
Number of employees
1,000 (2017)
Websitewww.thisisnoble.com

Noble Group Limited (SGX: CGP) is a commodities trader across a range of industrial and energy products. The company is incorporated in Bermuda and is listed in Singapore. Noble is in financial distress after defaulting on its financial obligations. [1]

Bond Ratings[edit]

As of March 2018, Noble's bonds are rated D by Moody's and S&P after the company defaulted on its bond interest and principal payment. [2]

Milestones[edit]

1997[edit]

Listed on the Singapore Stock Exchange.[3]

2000[edit]

Included in the Fortune 500.

2009[edit]

China's sovereign wealth fund, China Investment Corp (CIC), took a 14.9% stake (573 million shares) in the company. [4]

CIC cut its stake to less than 10% in 2014.

2012[edit]

Completion of Gloucester coal and Yancoal merger.[5]

2014[edit]

Agreement reached for a COFCO-led consortium to acquire 51% of Noble's agricultural business, forming JV Noble Agri.[6]

2015[edit]

Noble's share price tumbled 65% as it was accused of accounting fraud by Iceberg Research[7], while its credit rating was downgraded to junk. The remaining 49% of its agricultural business was also sold.[8]

Noble recorded net losses of $1.7 billion in 2015.

2016[edit]

CEO Yusuf Alireza was fired on 29 May.[9]

2018[edit]

Noble Group defaulted on both its bond interest and bond principal payment. One of its main shareholders (Goldilocks) is suing the company and its managers for financial misrepresentation.[10]

References[edit]

  1. ^ https://www.businesstimes.com.sg/companies-markets/sp-downgrades-noble-rating-to-d
  2. ^ https://www.businesstimes.com.sg/companies-markets/sp-downgrades-noble-rating-to-d
  3. ^ "Noble's SGX IPO Prospectus" (PDF). Thisisnoble.com. Retrieved 2015-07-31.
  4. ^ "CIC Buys 15% Stake in Noble Group to Gain Commodities". Bloomberg.com. Retrieved 2015-07-31.
  5. ^ "Proposed Merge". Infopub.sgx.com. Retrieved 2015-07-31.
  6. ^ "China's COFCO to pay $1.5 billion for stake in Noble's agribusiness". Reuters.com. Retrieved 2015-07-31.
  7. ^ https://icebergresearch.files.wordpress.com/2015/02/report-1-associates-and-agri-15022015.pdf
  8. ^ "Noble rating cut to 'junk' as commodities continue to tumble". SCMP. Retrieved 23 May 2017.
  9. ^ "Ex-Noble Group's CEO Alireza Sues Founder Elman for $58 Million". Bloomberg.com. 2017-06-14. Retrieved 2017-10-21.
  10. ^ https://www.bloomberg.com/news/articles/2018-03-20/noble-group-hit-by-lawsuit-from-top-shareholder-as-default-looms

External links[edit]