Noble Group Ltd dropped for a second day in Singapore, slumping to the lowest price since 2003, ahead of a one-week period that'll see the commodity trader's new rights-issue stock begin trading and the company report quarterly earnings.
The shares lost as much as 5.3 per cent to 12.6 Singapore cents, before rebounding to trade little changed at 13.5 cents at 10:18 am in the city-state. On Tuesday, the stock fell 18 per cent, drawing a query from the exchange. Hong Kong-based Noble Group said it was unaware of the reason for the move.
After a turbulent 2015 that saw a plunge in its shares and the first annual loss in almost two decades, Noble Group is facing further challenges this year. The company has raised about US$500 million in a one-for-one rights issue to shore up its finances, with the fund-raising supported by Chairman Richard Elman and China Investment Corp, and the new shares are expected to start on the main board of the exchange on Thursday. It's also seeking a buyer for Noble Americas Energy Solutions, an asset it once labeled as core.
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