Noble Group
{{short description|Hong-Kong-based trading company}}
{{Use dmy dates|date=August 2020}}
{{Infobox company
| name = Noble Resources Trading Holdings Limited
| native_name = 來寶集團
| logo = File:Noble Group Holdings Limited Logo.png
| type = Private
| industry = Commodity Trading
| products = Energy, Metals, Minerals, Logistics
| revenue = US$46 billion (2016)
| num_employees = 500 (2019)
| founder = Richard Samuel Elman
| predecessor = Noble Group Ltd
| foundation = {{start date and age|1986}}
| location = Hong Kong
| homepage = [https://www.thisisnoble.com www.thisisnoble.com]
| parent = Vitol (100%)
}}
Noble Resources Trading Holdings Limited (commonly known as Noble resources) is a commodity trader based in Hong Kong. It trades energy products and industrial raw materials. Its predecessor, Noble Group Ltd was embroiled in an accounting fraud controversy started in 2015 which eventually necessitated a debt restructuring.
History
In 1997, Noble resources was listed on the Singapore Stock Exchange.{{cite web|url=http://www.thisisnoble.com/images/documents/announcements/2019q1/nghl_q1_2019_results_20190430.pdf|title=2019 Results|publisher=Thisisnoble.com|access-date=2015-07-31|archive-url=https://web.archive.org/web/20190530093801/http://www.thisisnoble.com/images/documents/announcements/2019q1/nghl_q1_2019_results_20190430.pdf|archive-date=30 May 2019|url-status=live}}
In 2002, Noble resources was included in the Fortune 500.
In 2009, China's sovereign wealth fund, China Investment Corp (CIC), took a 14.9% stake (573 million shares) in the company.{{cite web|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=atgmiy6i5IWI|title=CIC Buys 15% Stake in Noble Group to Gain Commodities|publisher=Bloomberg.com|access-date=2015-07-31|archive-url=https://web.archive.org/web/20150924185007/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atgmiy6i5IWI|archive-date=24 September 2015|url-status=live}}
In 2012, Completion of Gloucester coal and Yancoal merger.{{cite web|url=http://infopub.sgx.com/FileOpen/Y_060312.ashx?App=Announcement&FileID=72583|title=Proposed Merge|publisher=Infopub.sgx.com|access-date=2015-07-31|archive-url=https://web.archive.org/web/20150610131636/http://infopub.sgx.com/FileOpen/Y_060312.ashx?App=Announcement&FileID=72583|archive-date=10 June 2015|url-status=dead}}
In 2014 CIC cut its stake in Noble resources to less than 10%.
A consortium led by COFCO Group acquired 51% of Noble's agricultural business, forming JV Noble Agri.{{cite web|url=https://www.reuters.com/article/us-noble-group-cofco-idUSBREA3103E20140402|title=China's COFCO to pay $1.5 billion for stake in Noble's agribusiness|publisher=Reuters.com|access-date=2015-07-31|archive-url=https://web.archive.org/web/20150610134620/http://www.reuters.com/article/2014/04/02/us-noble-group-cofco-idUSBREA3103E20140402|archive-date=10 June 2015|url-status=live}}
= Accounting fraud controversy and restructuring (2015–2019) =
In 2015, Noble's share price tumbled as it was accused of accounting fraud by Iceberg Research,{{Cite web |url=https://icebergresearch.files.wordpress.com/2015/02/report-1-associates-and-agri-15022015.pdf |title=Archived copy |access-date=21 May 2018 |archive-url=https://web.archive.org/web/20171115142042/https://icebergresearch.files.wordpress.com/2015/02/report-1-associates-and-agri-15022015.pdf |archive-date=15 November 2017 |url-status=live }} while its credit rating was downgraded to junk. The remaining 49% of its agricultural business was also sold.{{cite web|url=http://www.scmp.com/business/companies/article/1896650/noble-rating-cut-junk-commodities-continue-tumble|title=Noble rating cut to 'junk' as commodities continue to tumble|website=SCMP|access-date=23 May 2017|archive-url=https://web.archive.org/web/20170625043245/http://www.scmp.com/business/companies/article/1896650/noble-rating-cut-junk-commodities-continue-tumble|archive-date=25 June 2017|url-status=live}}
Noble recorded net losses of $1.7 billion in 2015.{{Cite web |date=2016-02-26 |title=Noble Group reports $1.7bn loss for 2015 |url=https://www.lloydslist.com/LL021115/Noble-Group-reports-17bn-loss-for-2015 |access-date=2025-02-13 |website=Lloyd's List}}
On 29 May 2016, CEO Yusuf Alireza was terminated by Elman. In 2017, Alireza sued Noble for compensation.{{Cite news|url=https://www.bloomberg.com/news/articles/2017-06-14/ex-noble-group-ceo-alireza-sues-founder-elman-for-58-million|title=Ex-Noble Group's CEO Alireza Sues Founder Elman for $58 Million|date=2017-06-14|work=Bloomberg.com|access-date=2017-10-21|archive-url=https://web.archive.org/web/20171021163757/https://www.bloomberg.com/news/articles/2017-06-14/ex-noble-group-ceo-alireza-sues-founder-elman-for-58-million|archive-date=21 October 2017|url-status=live}}{{Cite web|url=https://www.straitstimes.com/business/nobles-former-ceo-sues-founder-for-80m-in-shares|title=Noble's former CEO sues founder for $80m in shares|last=hermes|date=2017-06-15|website=The Straits Times|language=en|access-date=2019-09-01}}
In 2018, Noble Group Ltd was de-listed from the Singapore Stock Exchange. The share price had collapsed 99% since Iceberg exposed Noble. Declaring a default, it went through a restructuring process that eventually led to the creation of Noble Group Holdings Ltd,{{Cite web |url=https://www.channelnewsasia.com/news/singapore/noble-group-completes-us-3-5-billion-restructuring-to-emerge-as-11048402 |title=Noble Group completes US$3.5 billion restructuring to emerge as smaller, unlisted firm |website=CNA |language=en |access-date=2019-08-28 |archive-url=https://web.archive.org/web/20181220134208/https://www.channelnewsasia.com/news/singapore/noble-group-completes-us-3-5-billion-restructuring-to-emerge-as-11048402 |archive-date=20 December 2018 |url-status=live }} while Noble Group Ltd, which incorporated in Bermuda is undergoing an winding up process through till end of 2019.{{Cite web |url=https://sbr.com.sg/energy-offshore/news/noble-group-urges-shareholders-receive-shares-in-noble-holdings |title=Noble Group urges shareholders to receive shares in Noble Holdings |date=2018-09-04 |website=Singapore Business Review |language=en |access-date=2019-08-28 |archive-url=https://web.archive.org/web/20190812123939/https://sbr.com.sg/energy-offshore/news/noble-group-urges-shareholders-receive-shares-in-noble-holdings |archive-date=12 August 2019 |url-status=live }} The Singapore Stock Exchange blocked the listing of the restructured group on the uncertainty of the Noble's financial position.{{Cite web |url=https://www.channelnewsasia.com/news/singapore/singapore-authorities-block-noble-relisting-plans-restructuring-11007202 |title=Singapore authorities block Noble's relisting plans |website=CNA |language=en |access-date=2019-08-28 |archive-url=https://web.archive.org/web/20190505054719/https://www.channelnewsasia.com/news/singapore/singapore-authorities-block-noble-relisting-plans-restructuring-11007202 |archive-date=5 May 2019 |url-status=live }} A criminal investigation on the alleged wrongdoings of Noble Group Ltd is under way in Singapore.{{Cite web |url=https://www.channelnewsasia.com/news/singapore/noble-group-under-investigation-for-suspected-false-statements-10949746 |title=Noble Group under investigation for suspected false statements, breaching disclosure requirements |website=CNA |language=en |access-date=2019-08-28 |archive-url=https://web.archive.org/web/20181121184624/https://www.channelnewsasia.com/news/singapore/noble-group-under-investigation-for-suspected-false-statements-10949746 |archive-date=21 November 2018 |url-status=live }}
In 2019, Noble made several hires to rebuild its liquefied natural gas business.{{Cite web |last= |first= |title=Exclusive: Humbled Noble Group seeks to rebuild LNG, energy businesses: sources |url=https://kfgo.com/news/articles/2019/aug/21/exclusive-humbled-noble-group-seeks-to-rebuild-lng-energy-businesses-sources/929419/ |url-status=dead |archive-url=https://web.archive.org/web/20190828155203/https://kfgo.com/news/articles/2019/aug/21/exclusive-humbled-noble-group-seeks-to-rebuild-lng-energy-businesses-sources/929419/ |archive-date=28 August 2019 |access-date=2019-08-28 |website=The Mighty 790 KFGO}}
On the 1 January 2025 Noble was fully acquired by Vitol.{{Cite web |last=Lock |first=Antonia |date=2025-01-01 |title=Vitol completes acquisition of Noble Resources |url=https://www.vitol.com/vitol-completes-acquisition-of-noble-resources/ |access-date=2025-02-13 |website=Vitol.com |language=en-US}}
References
{{Reflist}}
External links
- [https://www.thisisnoble.com Noble Resources Trading Holdings Limited Official website]
{{authority control}}
Category:Logistics companies of Hong Kong
Category:Companies listed on the Singapore Exchange
Category:Companies formerly listed on the Hong Kong Stock Exchange