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Noble Group Limited has placed 55mn new shares with institutional investors. The placement was fully underwritten and led by Cazenove Asia Limited, with Credit Lyonnais Securities Asia and Kim Eng Securities participating as placement agents. The placement raised gross proceeds of S$126.5mn and was subscribed to by over 40 leading institutional investors in Asia, Europe and North America.

The placement is conditional upon, inter alia, approval in principle being granted by the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the New Shares on the Official List of the SGX-ST.

The net proceeds of the share placement will be used as working capital to further expand the group’s growing role as the leading Asian-based supplier of strategic raw materials.

Richard Elman, CEO of Noble Group, says: “We continue to be very grateful for the support of our shareholders. This is a very exciting time for both Asia and for Noble. We are seeing more and more opportunities to build upon the foundation we have established over the last 15 years.”

Elman adds “I continue to feel upbeat about the balance of the year and both myself and the entire Noble team are also upbeat about our future”.