With its debts ballooning embattled Noble Group, an Asian commodities giant, will likely offload its oil and LNG units next month.
A report from Alphabulk out this week suggests that the Singapore-listed company is on course to make a net loss of $1.9bn this year, taking its losses to $3.6bn over the past three years. Noble’s suffered a net loss of $1.9bn in the first half of this year.
Noble’s market value has plunged by 90% from $6bn in February 2015 to just over $400m. Its shares are down about 70%so far this year. Earlier this year it outlined plans to streamline operations and return to its roots, focusing on the Asian coal trades.
Reuters is now reporting that the Hong Kong-based group will select a buyer for its oil and LNG units by the middle of next month.