Noble receives US$3.36b in payments

Singapore

NOBLE Group, which on Wednesday said it has received US$3.36 billion due to it, has had its ratings affirmed at BBB- by Fitch Ratings.

The largest commodities trader in Asia by revenue said it had received US$1.5 billion in cash for the sale of its 51 per cent stake in Noble Agri. This is the initial payment by Cofco, the largest grain trader in China that is leading a consortium to buy the controlling stake in Noble Agri. The final amount to be paid will be adjusted such that the final consideration will be 1.5 times the book value of the 51 per cent stake for Noble Agri for the 2014 financial year, which will be available in early March next year.