Noble Group investor exits the company

A week after Noble Group issues a convertible bond, shareholder Tiger Rock raises $229 million from the sale of its 9.4% stake in the Singapore-listed commodities company.

An institutional shareholder last night sold its entire 9.4% stake in Noble Group through a placement that was priced at the bottom end of the indicative range for a total deal size of S$349.3 million $229 million.

The seller offered 234.4 million secondary shares at a price between S$1.49 and S$1.54, which represents a discount of 7% to 10% to TuesdayÆs close of S$1.65. The bottom-end pricing left that discount at the maximum. Cazenove Asia and JPMorgan were...

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