Singapore-listed shares in Noble Group fell to the lowest level in three months on Tuesday, tumbling further after the troubled commodities trader confirmed on Monday it would sell its Americas-focused oil business to rival Vitol.
Shares in the company dropped as much as 7 per cent to S$0.33, the lowest level since July 27 on Tuesday after closing down 6.6 per cent on Monday. The extended fall also followed Noble’s forecast on Monday of a $1.1bn to $1.3bn net loss in the third quarter.
Noble confirmed the sale of the oil business to Vitol in a stock exchange filing on Monday and said net proceeds from the sale would amount to about $576m based on total consideration of $582m after transaction costs.
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