Noble Group intends to sell its 49% stake in Noble Agri, possibly to Chinese grain trader, COFCO, which could pay around US$750 million for the share, according to sources reported by the Financial Times.
The company is engaging potential buyers in advanced discusssions which also involve other "strategic transcations", said Hong-Kong based Noble Group in a stock market filing.
So far, 51% of Noble Agri's shares had already been bought over by COFCO and a group of investors for a sum of US$1.5 million. The unit's operations include sourcing, processing, storage and marketing of agricultural commodities ranging from grains, oilseeds and sugar to coffee and cocoa.
2015 had witnessed a decline of Noble Group's shares by 65% in a time of falling commodity prices as well as allegations about the company's accounting practices.