CIC to buy stake in Singapore's Noble for $850 mln
The Noble Group said on Tuesday it had agreed to place 573 million shares for a total of approximately $850 million to China Investment Corporation (CIC), at a price of S$2.1137 per share.
The placement consists of 438,000,000 newly issued shares by Singapore-listed Noble and 135,000,000 shares from trusts associated with the interests of Noble founder and CEO Richard Elman, Noble said in a statement.
The placement is subject to approval of the respective boards of directors of Noble Group and CIC and final legal documentation.
(Reporting by Kim Yeon-hee in SEOUL and Neil Chatterjee in SINGAPORE; Editing by Jonathan Hopfner)
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