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MAS, SGX RegCo will not let Noble re-list

This article is more than 12 months old

SINGAPORE : The Monetary Authority of Singapore (MAS) and the Singapore Exchange said yesterday they have decided not to allow Noble Group to transfer its listing status to a restructured entity.

The decision follows a review in an ongoing probe into Noble by the Commercial Affairs Department (CAD) of the Singapore Police, the MAS and the Accounting and Corporate Regulatory Authority (Acra), MAS and Singapore Exchange's regulatory unit said in a joint statement.

"MAS and SGX RegCo have concluded that there are significant uncertainties about the financial position of New Noble," the statement said.

"It would be imprudent to allow the re-listing as investors will not be able to trade in New Noble's shares on an informed basis."

Noble, once Asia's top commodity trader, has seen its market value all but wiped out from US$6 billion (S$8 billion) in early 2015.

Amid the probe by Singapore authorities, Noble pushed back last month's deadline to complete its debt restructuring deal to Dec 11.

Noble had planned to list its smaller Asia-centric thermal coal business after completing the company's overhaul, but this was thrown into doubt last month after the joint investigation announced by MAS, CAD and Acra.

LISTING

The proposed listing was a key part of Noble's restructuring plan.

At the time of the last extension, Noble had said it had made good progress towards completing the restructuring but the timeline had been delayed "due to the additional time required to fully address all concerns of the regulators".

The company, which suspended its shares from trading from Nov 19 due to the restructuring, had previously said it was co-operating fully with the authorities in their investigation. - REUTERS

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