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Noble shareholders approve sale of remaining stake in Noble Agri (Amended)
NOBLE Group shareholders on Thursday approved the sale of its remaining 49 per cent in Noble Agri to Cofco International.
90 per cent of the votes were cast in favour of the resolution. Richard Elman, the group's chairman and largest shareholder, also voted as a proxy for some shareholders.
The sale of the agri unit is to help the group shore up liquidity in the current difficult environment, said Noble CEO Yusuf Alireza.
The group will receive US$750 million for the sale of its remaining stake.
The lower value it is receiving this time round, compared to the US$1.5 billion it sold the initial 51 per cent stake for, is due to a weaker environment for commodities, said Mr Elman.
Amendment note: The article has been revised to reflect that it is '90 per cent of the votes were cast in favour of the resolution', rather than '90 per cent of shareholders'