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 by Staff Writers Singapore (AFP) June 20, 2018
Noble Group shares surged more than 50 percent Wednesday after the embattled commodities trader sealed a deal with a major investor, paving the way for a debt restructuring. The former stock market darling had been teetering on the brink of collapse after being hammered by plunging commodity prices, a ratings downgrade and allegations of irregular accounting practices. It sold off assets and embarked on a US$3.5 billion debt restructuring, but the plan ran into opposition from a major shareholder, Goldilocks Investment Co. Noble suspended trading in its shares on the Singapore Exchange on Monday as it sought to negotiate a way out. Goldilocks agreed to back a revised restructuring plan which raises shareholders' equity in the company to 20 percent, up from 15 percent. Goldilocks also gets to nominate a representative to the Noble board of directors. Abu Dhabi Financial Group, with which Goldilocks is affiliated, will also form a strategic partnership with Noble to explore opportunities in the Middle East. Trading resumed Wednesday after the agreement was reached, with Noble shares soaring as much as 57 percent to 8.5 Singapore cents. The stock remains 60 lower than last year. Goldilocks currently holds about 8.1 percent of Noble's shares. "By reaching agreement with Goldilocks, the company is now able to move into the final stages of its restructuring," Noble chairman Paul Brough said in a statement. Noble, which is headquartered in Hong Kong and listed in Singapore, reported a massive net loss of almost US$5 billion last year despite selling many of its assets in a bid to ensure survival. mba/sr/kaf
South Sudan's warring leaders to meet for talks in Ethiopia Addis Ababa (AFP) June 19, 2018 Nearly two years after fleeing South Sudan's capital amid deadly fighting, rebel leader Riek Machar will meet face-to-face on Wednesday with the country's president, Salva Kiir. The rendezvous in Ethiopia's capital Addis Ababa represents the latest international effort to end more than four years of civil war in the world's youngest nation. Tens of thousands have been killed and millions have been driven out of their homes and into starvation. Kiir and Machar will meet at the invitation of E ... read more
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