Noble Group saying goodbye to its agriculture business?

In terms of primary listing, that is.

An application has been filed in relation to a possible spin-off and primary listing of Noble Group Limited’s agricultural commodities supply chain business on the Main Board of the Singapore Exchange Securities Trading Limited.

Noble Agri Limited, an indirect wholly-owned subsidiary, has obtained a letter of eligibility-to-list from the SGX-ST for the listing and quotation of its shares on the Main Board of the SGX-ST.

Noble Group said the ETL is subject to conditions which must be satisfied before Noble Agri can be listed on the SGX-ST.

In conjunction with the possible listing, Noble Agri is considering a public offering which may comprise a primary issuance of shares by Noble Agri and/or a secondary sale of shares by Noble Group. The company however will retain majority control in Noble Agri immediately after the possible offering.

The possible offering will be subject to market conditions and approval by the board of directors of Noble Group, among other factors, and various regulatory and other approvals.