Noble to sell US ethanol producer for US$12.5m plus adjustments

Singapore

EMBATTLED commodities trader Noble Group is selling its US-based ethanol-producing business for US$12.5 million, plus adjustments for working capital, inventory and debt.

If the deal was closed on Oct 1, the gross consideration would have been US$17 million, assuming net working capital of US$0.9 million, inventory value of US$3.6 million and no debt as at Sept 30 for the business, which is called North Americas South Bend Ethanol (NASBE).