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Thursday, 22 June 2017

Abu Dhabi Fund Buys 5% of Troubled Commodity Trader Noble Group - Bloomberg

Abu Dhabi Fund Buys 5% of Troubled Commodity Trader Noble Group - Bloomberg:

"An Abu Dhabi fund has taken a 5 percent stake in Noble Group Ltd., the embattled commodity trader searching for a white knight investor.

Goldilocks Investment Co. bought 50.5 million shares in the Hong Kong-based commodity trader on June 20, according to a company filing on Thursday on the Singapore Exchange. The acquisition lifts Goldilocks’s stake to 5.03 percent from 1.18 percent previously.

Goldilocks is controlled by investor Jassim Alseddiqi’s Abu Dhabi Financial Group. It started the $200 million fund last year, saying it targets “undervalued opportunities” in the six Gulf Cooperation Council countries. On Monday, it announced it had bought a stake in troubled U.A.E.-based energy group Dana Gas."



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