Noble Group To Sell Remaining Stake In Noble Agri
Noble Group had successfully concluded the terms for the disposal of its remaining 49 per cent stake in Noble Agri to COFCO International for US$750 million. In addition, the terms of the transaction include the additional retention of upside participation in the future growth of Noble Agri, worth up to US$200 million.
After completion of this transaction, the group’s financial metrics will be well in excess of those required of an investment grade credit. The transaction also exceeds the group’s commitment to generate in excess of US$500 million through asset sales. The entire proceeds of the disposal will be used to pay down debt.
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