02 May '11, 9pm

Korean sovereign wealth fund buys Noble stake

Singapore-listed commodities giant Noble Group said yesterday that the South Korean sovereign wealth fund, Korea Investment Corp (KIC), had acquired slightly over 1 per cent in the company through a purchase from the owner. The KIC bought 59.3 million shares in Noble from Hong Kong-based Noble Holdings, the statement said. Noble shares closed at S$2.23 on Friday and at that price the stake would be worth S$132.2 million. The Singapore market was closed yesterday for the Labour Day holiday. Noble Holdings, a trust linked to Noble founder and chairman Richard Elman, retains a 21.34-per-cent stake in the Singapore-listed entity, the statement said. According to data, Noble Holdings had earlier held a 22.55-per-cent stake in Noble. Chinese sovereign wealth fund China Investment Corp holds the next biggest chunk of shares at about 14 per cent. AGENCIES

Full article: http://www.todayonline.com/Business/Businessinbrief/EDC11...

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