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Noble says sale of interest in Noble Agri unconditional, to get US$750m on March 3
NOBLE Group's sale of its remaining interest in its agricultural business unit, Noble Agri, to Chinese state-backed grain trader Cofco International for US$750 million has become wholly unconditional.
The disposal of its remaining 49 per cent stake will be completed on March 3, 2016, when the company will receive the closing amount of US$750 million, Noble said in a filing to the Singapore Exchange.
Proceeds from the sale will be used to repay debt. The transaction will result in a non-cash loss of US$546 million, or the difference between the sale price and carrying value of the asset as of Sept 30, 2015, the company said.
Noble had previously rid its 51 per cent interest in Noble Agri to Cofco in 2014 for a much larger sum of US$1.5 billion.