Singapore: Noble Group seeks buyers for gas and power business

Noble Group Ltd. signage sits on display outside during an investor day in Singapore, on Monday, Aug. 17, 2015. Photographer: Nicky Loh/Bloomberg

Noble Group Ltd. is seeking to sell its gas and power trading business and has held talks with rival traders, according to people familiar with the discussions.

The talks come as the company, once Asia’s largest commodity trader, is battling for its future after revealing a surprise quarterly loss on coal trades gone wrong.

Last month, the company said that as part of a strategic review led by new chairman Paul Brough it was “in talks with potential investors concerning the sale of an interest in the Group or its subsidiaries or parts of its business.”

Noble declined to comment.

While rivals have expressed interest in buying various parts of Noble’s business, including oil trading assets and a Jamaican alumina plant, the company has been more actively seeking a sale of its capital-intensive gas and power unit, the people said asking not to be named because the information is private.

In a presentation in February, the company said that its gas and power business, which reported operating income of $257 million last year, had been “adversely impacted by conservative approach to liquidity management.”

The unit, which is primarily focused on the U.S., traded the equivalent of 334 million megawatt hours of gas and power last year, according to the company.

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Bloomberg

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.