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NOBLE Group's chairman and founder has raised his stake in the commodities trader after credit rating agencies maintained the company's grade amid allegations of aggressive accounting.
Richard Elman bought 4.8 million shares at an average price of 93.54 Singapore cents per share, or S$4.5 million in total, on Monday to raise his deemed Noble shareholding to 20.93 per cent from 20.86 per cent.
Noble shares slipped 3.1 per cent, or three Singapore cents, to close at 94.5 Singapore cents on Monday.
Moody's Investors Service on Monday said that its current investment-grade "Baa3" rating reflected Noble's latest results, a US$240 million net loss in the fourth quarter of 2014.
Standard and Poor's also maintained its "BBB-" rating on Noble, saying that it viewed Noble's risk management as "adequate".
Noble has been under pressure since mid-February when research outfit Iceberg Research published critical reports about how Noble valued its investments and long-term contracts. Noble has rebutted those claims.
Genting Hong Kong has halted the trading of its shares pending an announcement. The gaming company on Feb 18 said that it expects to report a net profit of at least US$330 million for 2014, excluding its share of results from its Travellers hospitality unit, compared to about US$521 million a year earlier.
Genting Hong Kong stock closed at 35.5 US cents on Monday.
Crane operator Tat Hong Holdings on Monday said that it has sold and leased back four Australian properties for A$23.3 million, allowing it to report a A$6.7 million gain.
Tat Hong shares closed Monday at 72.5 Singapore cents before the deal was announced.