Noble Group to raise $500m in rights issue, chair to step down

June 2, 2016

Responsive image

Noble Group is raising $500-million in a fully underwritten rights issue and its chairperson and biggest shareholder Richard Elman will step down within 12 months, as the company struggles with weak markets and the fallout from an accounting dispute.
“The rights issue has been proposed to form part of the company’s ongoing and prudent balance sheet management and further enhance the financial flexibility of the group,” Asia’s biggest commodity trader said in a statement on Friday.

Category: General