Commodities firm Noble Group has suffered another hit to its finances, failing to make as much money from the sale of its oil division as previously forecast.
Vitol has swooped to take Noble Americas Corp (NAC), the oil division of the embattled Hong Kong group, for just $400m, of which $272m is cash up front. Noble had originally told shareholders last November it expected to sell the oil division for $575m.
In a release Noble cited operating losses at NAC driven by reduced trading operations, as the business was prepared for sale, as the reason for the significantly lower sale figure.
Accused of accounting fraud which it has repeatedly denied, Noble Group has seen its revenues slide in recent years, forcing the sale of many businesses around the world as it fights for survival.