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Hot stock: Noble jumps amid talk of new investor; aware of report on Cedar's interest
SHARES of embattled commodities firm Noble Group surged on Monday amid talk that it has found an interested suitor.
Bloomberg reported on Monday that Cedar Holdings, a Chinese conglomerate, has expressed interest in buying control of Noble Group. No formal discussions have begun, according to the sources who were not named by Bloomberg.
In a response to the Singapore Exchange's queries on its unusual price movement, Noble said it has "noted the Bloomberg media report".
"The company has previously announced it is in talks, which continue, with various potential strategic parties and its creditors. Whilst no assurance can be given as to the outcome of these discussions, the company believes that these are open and constructive, and are moving forward," Noble said in the statement.
Shares of Noble gained 6.5 Singapore cents, or 31.7 per cent, to S$0.27 on heavy trading, with more than 24.9 million shares changing hands as at 2.55pm.