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...
¬ Haymarket Media Limited. All rights reserved.
