Noble Group appoints Cofco's president to board

Published Wed, Jun 24, 2015 · 02:18 AM

[SINGAPORE] Singapore-listed commodity trader Noble Group Ltd has appointed Yu Xubo, president of state-owned Chinese food processing firm Cofco Corporation, as a non-executive director, Noble said on Wednesday.

Mr Yu, who has held his post at Cofco since 2007, replaces Li Rongrong, former chairman of China's State-owned Assets Supervision and Administration Commission, who retired from the board, Noble said.

Mr Yu played a key role in the formation of Noble Agri, a joint venture between Cofco and Noble, it added.

"We believe Mr Yu will bring his significant industry experience to the board of Noble Group and contribute to enhance shareholder value," said Xie Ping, executive vice president of China Investment Corporation (CIC), China's sovereign wealth fund, in a statement. "As a major shareholder of Noble Group, we will continue to support its business."

CIC is the second-largest shareholder in Noble with a 9 per cent stake, after Richard Elman, the company's founder and chairman who holds a 21 per cent stake.

Noble's share price rose nearly 3 per cent in early trade on Wednesday, still down more than 40 per cent since mid-February when Iceberg Research issued its first research report on the company, questioning its accounting practices.