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SHARES in Noble Group continued to fall in early trading on Tuesday after newcomer short-selling firm Iceberg Research hit out at Noble's classification of some firms as associates.
The counter slipped to a low of S$1.05 on Tuesday morning after closing at S$1.11 on Monday. At around 9.15am, it was the second most heavily traded stock by volume with some 9.18 million shares changing hands.
In a report dated Feb 15, Iceberg - which says it has no short position on the company - set a target price for the stock at just 10 Singapore cents per share. In the report, it raised the issue of whether certain Noble units should be classified as associates or long-term investments since the accounting treatment is different. Australia-listed firm Yancoal was one of those highlighted.
In a response to a query from Singapore Exchange, Noble referenced Iceberg's report and said that it "completely rejects" the allegations. "All material information to which Iceberg Research refers is in the public domain," it said. "There has been no material adverse change since the company last reported."