Shares of Noble Group fell as much as 6.9% on Wednesday after news its third-biggest shareholder, Harry Banga, is offering up to US$200 million ($245 million) worth of shares in the commodities trader.
Noble shares fell to as low as $1.085 on volume of nearly 240 million shares. It was the top traded stock by both value and volume in the Singapore market on Wednesday.
Banga is offering up to 225 million shares at a range of $1.10 to $1.12 each, a source with knowledge of the plans said on Monday. Citigroup, Goldman Sachs and JPMorgan were hired to handle the transaction.
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