Having completed the sale of its gas and power business earlier this month, Hong Kong commodity trader Noble Group has sealed the sale of its oil liquids business to Vitol US Holding.
Noble says the sale price will be calculated subject to the value of certain asset, contracts and adjustments with an estimate of $1.418bn given, comprising a base consideration of around $202m and net working capital of around $1.216bn. After settling debts, Noble is likely to receive cash proceeds in the region of $582m.
Separately, Noble also warned that it is likely to record losses of $1.1bn-$1.25bn in its third quarter results and is in ongoing discussions with banks to enable it to stabilise support for its working capital and trade finance requirements. In the meantime, it has also obtained a two-month extension of the waiver received for its revolving credit facility due May 2018.