Hot Stock: Noble surges as it readies to sue following third Iceberg report
SHARES of Noble Group rose 3.4 per cent on heavy trading on Monday, after the company said it will start legal proceedings following the third Iceberg report.
The counter gained three Singapore cents to S$0.905. It was the most actively traded stock in early morning trade, with nearly 16 million shares changing hands.
Noble said it will start legal proceedings against Hong Kong resident Arnaud Vagner, Enlighten Ace Ltd, a Seychelles company, and any associates, at the Hong Kong High Court "for conspiracy to injure Noble Group".
"Noble Group refers to the statements made by Iceberg Research in their three reports. We reject their allegations as inaccurate, unreliable and misleading," the company said in a statement on Monday.
"As a public company we support responsible research. However, Iceberg are not the independent research house they claim to be. Their actions, and their timing, have been calculated primarily to inflict damage rather than to facilitate the distribution of research."
The anonymous blog Iceberg Research issued its third report on commodity trader Noble Group on Saturday, saying that the Hong Kong-headquartered group had substantially understated its gross and net debt.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Stoxx 600 falls on banks drag; tech contains losses on ASMI boost
US: Stocks end flat ahead of key inflation data
Hong Kong spot crypto ETFs to start trading next week
Greenback recovers from PMI slump, yen closes in on 155 per dollar
Hong Kong Stock Exchange bids farewell to first woman chair
Asia stocks rise on Wednesday amid Wall Street rally; STI up 0.6%