Noble makes fourth share buyback in just over a week as battle with critics intensifies

Mainboard-listed Noble Group has made its fourth share buyback since June 10 as the commodities giant continues to battle with critics of its accounting practices.
Mainboard-listed Noble Group has made its fourth share buyback since June 10 as the commodities giant continues to battle with critics of its accounting practices.PHOTO: REUTERS

SINGAPORE - Mainboard-listed Noble Group has made its fourth share buyback since June 10 as the commodities giant continues to battle with critics of its accounting practices.

In a filing with the Singapore Exchange on Thursday morning, the Hong Kong-based company disclosed that it has bought 39.74 million of its own shares for $28.43 million, at $0.7138 per share.

Noble said it now holds 102.71 million of its own shares, equivalent to 1.52 per cent of equity, by way of market acquisition.

The long-running battle between the beleaguered commodities trader and its toughest critics has entered into its fifth month, with no end in sight.

In the laetst round, Noble CEO Yusuf Alireza and former Temasek Holdings executive Michael Dee engaged in a war of words on Wednesday over claims and counterclaims about the company's accounting methods and asset valuations.