Cofco president joins Noble board; group unveils further buyback

Singapore

NOBLE Group has roped in Patrick Yu Xubo, president of China's state-owned food-processing company Cofco Corporation, as a non-executive director, bringing the number of board members to 13, including nine independent non-executive directors. The appointment of Mr Yu, 49, took effect on Wednesday.

The commodities group said this on Wednesday as it also announced a further market buyback of Noble shares on Tuesday. The purchase of 14 million Noble shares for a total consideration of S$9.75 million on Tuesday worked out to S$0.69445 apiece. Together with a purchase of three million shares on Friday last week for S$2.09 million, or S$0.69529 a share, its six market acquisitions so far this month totalled 119.7 million shares, constituting 1.7763 per cent of the group's issued shares, excluding treasury shares. The total consideration was S$83.07 million, or about S$0.694 a share.