NOBLE Group has sold off a Brazilian subsidiary Noble Comercializadora de Energia Ltda (NCEL) for about US$3 million.

The commodities trader said in an exchange filing on Thurs that the consideration was satisfied in cash and arrived on a willing-buyer, willing-seller basis taking into account the relevant market and commercial considerations.

Noble owned 100 per cent of the company, which is primarily engaged in the sale of electric power.

NCEL had a book value and net tangible asset value of about US$4.09 million as at May 31, said Noble.