Noble Group's vice-chairman sells $254 million worth of shares

Harry Banga, who will give up his day-to-day responsibilities at Noble in June, cuts his stake to 6.3% by selling close to one-third of his shares.

Harry Banga, the vice-chairman of Noble Group, last night sold close to one-third of his shares in the company through a placement that attracted more than 80 investors. The deal was priced at the middle of the offering range, allowing him to raise S$356.5 million $254 million.

The sell-down was not unexpected after Singapore-listed Noble announced in February that Banga plans to step down from his day-to-day responsibilities at the company in June, and investors didn't seem too worried about the fact that a company insider was cashing in while the stock is trading near record highs.

The deal, which was jointly arranged by Citi and Goldman Sachs, comprised 115 million shares, or about...

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