Singapore-listed Noble chairman boosts stake as stock falls

[SINGAPORE] The chairman of Singapore-listed Noble Group, Richard Elman, has boosted his stake in the firm, according to a filing on Wednesday, after the shares dropped to more than a one-year low.

Noble shares have been under pressure since mid-February after a little known firm Iceberg Research raised questions about the company's accounting practises, claims denied by Noble.

Mr Elman increased his stake to 20.956 per cent from 20.926 per cent, the filing showed.

Noble shares slumped as much as 5.3 per cent to the lowest since late January 2014 on Wednesday before closing 1.6 per cent lower.

Noble was founded by Mr Elman in 1987 and currently ranks as one of Asia's biggest commodities trading firms.

REUTERS