Noble Group continues share buyback, buys third batch for $9.2m

Commodities trader Noble Group announced it has bought more than 12 million shares for more than S$9.2 million, its third buyback within a week. -- PHOTO: REUTERS
Commodities trader Noble Group announced it has bought more than 12 million shares for more than S$9.2 million, its third buyback within a week. -- PHOTO: REUTERS

SINGAPORE - Commodities trader Noble Group announced it has bought more than 12.9 million shares for more than S$9.2 million, its third buyback within a week.

In a filing to the Singapore Stock Exchange on Tuesday, the Hong Kong-based comp

any said the purchase of 12,978,400 shares was made on Monday at S$0.7087 per share.

Noble now holds more than 62 million or 0.9345 per cent shares by way of market acquisition.

The Singapore-listed company has been seeking to instil confidence among investors since February after a report criticising its accounting practises was released in February. It has bought back 50 million shares, in two equal batches, since June 11, the day its founder and chairman Richard Elman pledged in a public letter to "right the damage" to its share price.

Noble was trading at S$0.715 at 9.08 am on SGX, after closing at S$0.72 on Monday.

rupsk@sph.com.sg