Noble Group parts with 'crown jewel' in quest to raise funds

Singapore

NOBLE Group Ltd executives have mapped out a road to recovery for the battered commodity trader as shareholders voted to approve the sale of a US energy unit to raise funds, with chairman Richard Elman describing the asset as one of the company's crown jewels.

The company hopes to be profitable "as we were in the past" in the next one or two years, Mr Elman told a special general meeting in Singapore on Thursday before shareholders voted in favour of the sale of Noble Americas Energy Solutions (NAES). Co-chief executive officer Will Randall said that the unit became non-core after Noble Group lost its investment-grade rating.