Noble Group Ltd.’s Richard Elman boosted his stake in the company that he founded as its shares sank to the lowest level since 2008.
Elman bought 10 million shares in Asia’s top commodity trader on Friday for S$3.19 million ($2.2 million), raising his holding to 22.13 percent, according to a statement to the Singapore exchange on Monday. After news of the purchase, the stock lost as much as 8.8 percent to 31 Singapore cents, and was at 31.5 cents at 9:27 a.m. local time.
