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Noble says not aware of Sinochem's change of heart over deal

42663938.1 (42669063) - 23_05_2017 - NOBLE-STOCKS_.jpg

NOBLE Group Limited said that it was not aware of any reason that could confirm a Reuters report that China's state-owned Sinochem was no longer interested in investing in the commodity group on the back of commercial concerns.

The firm, whose stock price suffered a whiplash on Tuesday morning before it requested a trading halt, was responding to queries by the Singapore Exchange on whether it was aware of any information that could explain the unusual price movements in its shares.

Noble also pointed out that it was aware that S&P Global Ratings had announced that it would downgrade the company's corporate credit rating.

In an earnings call on May 11, Noble said that it mandated Moelis & Company and Morgan Stanley to review strategic alternatives and that it continues to right-size businesses and to evaluate further asset sales.

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That aside, Noble said that it was not aware of any other possible explanation and that it was in compliance with listing rules.