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Hot stock: Noble up 16.5% after Arab-linked substantial shareholder emerges

Noble Group
Noble Group Ltd may default on its debt as soon as the next six months, according to S&P Global Ratings and Moody's Investors Service, which again cut their scores on the commodity trader while warning that planned asset sales may be insufficient to cover obligations.

BELEAGUERED commodities trader Noble Group was hotly traded on Friday, rising 16.5 per cent to S$0.53 on 11.4 million shares traded by 9.09am.

This was after it said on Thursday that an Arab-linked group is now a substantial shareholder of the firm.

Goldilocks Investment Company had bought 50.5 million shares in the firm, boosting its stake in Noble from 1.18 per cent to 5.03 per cent.

Goldilocks has an investment management agreement with ADCM Altus Investment Management, which authorises it to act on Noble's behalf in acquiring and disposing of the company's shares. ADCM Altus is an indirect subsidiary of the privately owned Abu Dhabi Financial Group.

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