Noble pledges even greater transparency to dispel shareholders’ fears

Disclosures will be increased starting Q1.

Noble today pledged even greater transparency to soothe its worried shareholders, while it also rebutted media reports that its management had dodged crucial queries during its recently-concluded Annual General Meeting (AGM).

Noble resolved to increase disclosures beginning with its first quarter results, which will be released on May 7.

The company intends to disclose net fair value gains and losses by region and by product. It also intends to update segmental disclosures to reflect its ongoing businesses after COFCO Corporation purchased a stake in Noble Agri in 2014.

“The nature, format and frequency of the disclosures are being carefully considered to ensure that increased transparency is provided but commercial sensitivity is respected,” stated Noble.

Noble also rebuffed reports that its management had evaded queries on its accounting practices at its AGM, claiming that all shareholders’ queries were sufficiently answered.

Analysts noted that it is high time for Noble to address shareholders’ concerns over transparency, as its stock has plunged 25% from its high in February while its Credit Default Swap has gapped up due to increased concern over its debt. 

“It is encouraging that Noble has come out this morning, agreeing to address the transparency needs of public shareholders, vowing to increase disclosures, starting with their Q1 results. The stock at yesterday’s close of S$0.87 is down more than 25% from its high in February. This is just above its 18-month low of S$0.825 hit just last week,” stated Nicholas Teo, analyst at CMC Markets.