Noble resumes share buyback after PwC report

Noble Group bought back 12.29 million of its own shares on Aug 11, a day after it released the PricewaterhouseCoopers (PwC) report on its fair-value accounting practice and its results.

According to a filing made to the Singapore Exchange, the Hong Kong-based commodities group paid 56 Singapore cents a share, amounting to S$7.02 million in total.

Since the share buyback mandate was obtained, Noble has bought back a total of 204.06 million shares, representing a 3.03 per cent stake. It can buy back up to 673.95 million shares.

On Tuesday, Noble shares surged as much as 11 per cent following the assurances from PwC on its valuation approach for long-term commodity derivative contracts. But the gains were reversed by market close. Noble shares closed at 57 cents on Tuesday, 1.7 per cent below Thursday's close.