Franklin raises stake in Noble to 5.03%
Shares surge; Religare Capital calls group 'the bargain of the decade'
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GLOBAL investment firm Franklin Templeton has become a substantial shareholder of Noble Group after picking up its shares on the cheap. The fund manager had on Wednesday bought 2.5 million shares for S$712,500, or 28.5 cents a share, through the market, Noble said in an exchange filing. This brings its stake in the company to 5.03 per cent, up from 4.99 per cent, previously.
Noble's shares also surged 14.8 per cent to 31 Singapore cents on Friday, as the market responded to a "buy" call from Religare Capital Markets which initiated coverage on the group with a target price of 37 Singapore cents.
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