Noble takes full control of ethanol unit for US$2.47m

NOBLE Group has taken full ownership of previously 50 per cent-held subsidiary Noble Mansfield Renewable Energy for US$2.47 million, according to an announcement on Monday after the market closed.

Noble, a commodity trader, said that the acquisition was financed with internal resources. The book value and net tangible asset of Noble Mansfield was about US$3.3 million as at Aug 30, 2016, Noble said.

Noble Mansfield is a distributor of ethanol and biodiesel.

Noble shares closed at 15.5 Singapore cents on Monday, up by 0.3 Singapore cent, or 2 per cent, before the announcement.