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Tuesday, 30 September 2014

Third update: Noble shares tumble, traders fear CIC could sell more shares

By anita gabriel
 
THE sharp fall in Noble Group's shares on Tuesday signalled that investors fear there could be more share sale ahead by the commodity trader's major shareholder China Investment Corp (CIC), said Maybank Kim Eng Research.

Noble shares fell 10 Singapore cents or over 7 per cent to S$1.295 on Tuesday on news reports that CIC is looking to raise as much as S$405 million by selling about a third of its shares in the commodity firm via a married deal.

The company drew a trading activity query from the Singapore Exchange as a result of the steep fall. The counter jumped to the top active list in the morning session with some 390 million shares worth some S$511 million done.

It is not positive that China's largest sovereign wealth fund is actually cutting losses on their long-term investment based on their original cost. This is especially so considering that Noble was supposed to be a strategic investment for CIC, indirectly helping China manage their raw material requirements," said Maybank Kim Eng.
 

2 comments:

  1. CW,

    Interesting.

    I seems sovereign fund also have their capitulation point.

    Strategic and Long Term suddenly offers no immunity....

    ReplyDelete
    Replies
    1. Ah Kong's money. Cut losses no pain. Can justify for it. Okay.

      Delete

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