CIC Spends USD 850 million on Noble

Commodity trader Noble Group has placed 573 million shares to China’s sovereign wealth fund, China Investment Corporation (“CIC”), for a total consideration of USD 850 million. The issue price of SGD 2.1137 (USD 1.4956) was a 7.34% discount to the weighted average price of Noble shares traded on the Singapore Exchange between September 14 and September 15. In return, CIC is now a 15% shareholder in Noble and could play a larger strategic role in the group’s diverse agricultural activities, taking into account China’s strong appetite for commodities. CEO Richard Elman will reduce its shareholdings by 2% or 135 million shares while Noble will issue 438 million new shares to raise additional capital to pursue strategic investments in key agricultural markets globally.

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