Noble Group extends again completion date for disposal of assets to Tricon

The company logo of Noble Group displayed at its office in Hong Kong, China.
The company logo of Noble Group displayed at its office in Hong Kong, China. PHOTO: REUTERS

SINGAPORE - Noble Group has again extended the completion date for the proposed disposal of its marketing and offtake agreement to Tricon Dry Chemicals, as well as certain debt contracts to Tricon International.

The completion date for the proposed disposal of assets has been extended for a second time to Aug 1 from May 31.

The marketing and offtake agreement for petrochemical products and loan-related contracts was for about US$10.1 million (S$13.5 million), according to the company's announcement of the disposal in February.

It said then that the loss on the disposal would amount to about US$6.8 million based on the book value of the assets as at end-September 2017 of about US$16.9 million.

Net proceeds from the sale would be made available for general working capital purposes.