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Hot stock: Noble Group rises almost 30 per cent on heavy trading

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Shares in embattled commodity trader Noble Group surged almost 30 per cent on Thursday on heavy trading.

SHARES in embattled commodity trader Noble Group surged almost 30 per cent on Thursday on heavy trading.

The stock, which opened at 47.5 Singapore cents, traded at 61 Singapore cents as at 3.48 pm, up 29.8 per cent from the previous close. Some 93.2 million shares changed hands, making it the most active stock on the exchange.

The group said in an announcement after market close on Wednesday that it has acquired an additional 50 per cent stake in Tailai Coal (Shanghai) Company Limited for US$5.4 million in cash.

The book value and net tangible asset value attributable to the stake as at May 31 this year was about US$4.5 million, said Noble. The consideration will be funded from internal resources.

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The group had also on Tuesday revealed that Morgan Stanley, a substantial shareholder, has reduced its deemed interest from 6.55 per cent to 5.93 per cent after returning borrowed stock.

Noble on June 30 said that it has extended a critical loan facility by 120 days from June 20, and continues to be in talks with potential investors on the sale of an interest in the group or parts of its business. It also deferred payment on the coupon for its US$400 million perpetual bonds, which would otherwise have been due on June 26.

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