1 Min Read
SINGAPORE (Reuters) - Shares in Noble Group Ltd (NOBG.SI) leapt as much as 17 percent on Tuesday to the highest in eight months after the commodities trader confirmed it was holding talks on a possible strategic investment in the firm.
China's state-owned Sinochem is in early talks with Noble to buy an equity stake, a move that would help it gain access to the Singapore-listed trader's global supply chain, Reuters reported on Monday.
In response to the story, Noble told the Singapore exchange on Tuesday that it was in talks but did not give details.
"The board wishes to advise that Noble Group is currently engaged in discussions regarding a possible strategic investment in Noble Group," it said.
"However, no binding arrangements have as yet been entered into with respect to this possible transaction and, accordingly, there can be no assurance that this transaction will be concluded."
Reporting by Anshuman Daga; Editing by Stephen Coates