Noble Group Chairman Elman increases holding as shares retreat

[SINGAPORE] Noble Group's Chairman Richard Elman boosted his stake in the company that he founded as its shares sank to the lowest level since 2008.

Mr Elman bought 10 million shares on Friday for S$3.19 million, raising his holding to 22.13 per cent, according to a statement to the Singapore exchange on Monday.

Noble Group tumbled last week after Standard & Poor's joined Moody's Investors Service in cutting its rating on Asia's top commodity trader to junk amid concern about its liquidity as commodity prices slump. The shares sank 65 per cent in 2015 amid attacks on its accounts by critics including the anonymous Iceberg Research and short-seller Muddy Waters LLC. The company has rejected the allegations.

BLOOMBERG