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Noble appoints ex-StanChart banker as independent director

DISTRESSED commodity trader Noble Group on Monday said it has appointed a former Standard Chartered (StanChart) banker as its non-executive independent director.

The former banker, Wayne Robert Porritt, was appointed with immediate effect. Mr Porritt was with StanChart until June 2017, and had held a variety of risk management and asset recovery roles in Asia and London, a filing from Noble showed.

Mr Porritt does not have any prior experience as a director of a listed company in Singapore, and will be briefed on his roles and responsibilities, Noble said. The 50-year-old is based in Hong Kong.

Separate announcements on Monday also showed that funds managed by and linked to Prudential Singapore have reduced their substantial stake in the embattled commodities firm.

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They collectively sold S$866,978 worth of Noble shares, comprising 8.74 million shares at S$0.0992 apiece on March 22, regulatory filings showed. That brought their substantial shareholding in Noble to 6.77 per cent, down from 7.43 per cent.

Shares of Noble closed on Monday at S$0.087, down 0.6 Singapore cent.