Noble in advanced talks to sell remaining agribusiness stake

The buyer might be Chinese giant Cofco.

Asia’s largest commodity trader has confirmed that it is in “advanced discussions” to sell its agribusiness unit, the company said in a statement on the SGX.

This follows reports that Chinese state-backed grain trader Cofco will likely purchase Noble’s remaining 49% stake in Noble Agri.

“The Company confirms that it is in advanced discussions with potential purchasers on both this sale and other strategic transactions, but no definitive or legally binding documents have yet been signed and there can be no assurance that the sale or any other transaction will proceed,” Noble said in its statement.

News of the potential stake sale caused Noble’s share to surge in early trading on Wednesday, with the counter up 9% to $0.42 cents as of 10:30 AM.