noble-group-sells-new-shares-at-75-discount

Noble Group sells new shares at 7.5% discount

The supplier and trader of commodities raises $152 million through Asia's second primary share offering in a week, while an institutional investor sells $40 million worth of shares in Wharf.

By Anette Jönsson

April 02, 2008

Noble Group last night became the second Asian company in a week to raise fresh capital from a share issue. This suggests that the equity market is becoming a little more supportive after a couple of months with depressed share prices and extreme day-to-day price swings.

The global supply chain manager of commodities, including agricultural, metals, minerals and energy products, picked a good day to launch the deal with sizeable gains across Asian equity markets. In Singapore, the benchmark index rose 2.6% and Noble itself was up 3.7%. The share price has been on the rise in recent weeks after the company reported record earnings for 2007, which offered investors some proof that the groupÆs...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222