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Noble Group Singapore: Share Price Sinks On News

Noble Group Singapore: Share Price Sinks On News

The share price of Noble Group tanked almost 50% today upon news of its strategic review.

 

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Noble Group announced that it will continue to focus on debt reduction by selling its Global Oil Liquids and North American Gas & Power businesses. Net proceeds from the sales, along with proceeds from a new asset disposal programme comprising certain of the group’s assets located outside North America, will generate significant cash proceeds to allow the Group to retire 2 of its secured borrowing base revolving credit facilities, as well as reducing the group’s remaining debts. The commodities trading group also issued a loss warning for 2Q17.

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