Noble Group, the commodity trader fighting allegations of aggressive accounting, has raised $750m from the sale of its stake in an agricultural joint venture with Cofco, China’s state-backed grain trader.
The Hong Kong-based company has been scrambling to raise cash to avoid losing its investment grade credit rating, which is crucial to the profitability of its core business of moving millions of tonnes of raw materials around the world.
Noble, which is listed in Singapore, had been given until early next year by rating agencies Moody’s and Standard & Poor’s to raise at least $500m in cash or face being cut to junk status.
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