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Noble sells coal unit for US$34.5m
NOBLE Group has completed the sale of MR Coal Marketing and Trading, a unit dealing in coal sales, for a cash consideration of US$34.5 million to an unnamed buyer.
The sale, made by a Noble unit (Noble Americas Emerald Corp), was undertaken after the buyer had exercised a call option, which was granted by Noble in 2015 in connection with Noble's initial acquisition of MR Coal in the same year.
"The grant of the call option which is not exercisable at the discretion of the group did not amount to a disclosable transaction for the purposes of Chapter 10 of the listing manual of the Singapore Exchange Securities Trading Limited at the time of grant of the option," Noble said.
At the time of the sale, the book value and net tangible asset value of MR Coal, which is based in the United States, was around US$35.6 million.