Thursday, November 10, 2011

Noble founder's family buys 10 million shares as price plunged

SINGAPORE - An investment firm linked to the family of Noble Group founder and interim CEO Richard Elman bought 10 million of the commodity company's shares on Thursday as the price plunged by more than a quarter, Noble Group said in a regulatory filing.

Noble Holdings Ltd, whose beneficiaries include the children of Elman but not Elman himself, bought the shares at an average of $1.1919 each, raising its interest in Noble Group to 21.53 per cent from 21.37 per cent previously.

Noble Group shares closed 26 per cent lower to end at $1.18 a share on Thursday after the firm reported its first quarterly loss in over 10 years and CEO Ricardo Leiman resigned on Wednesday.

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