(MENAFN- Asia Times) A bad situation has quickly become worse for Noble Group, A firm that was once Asia's largest commodities trader, after a further downgrade from Standard & Poor's on Monday led to a big sell-off.
Shares fell 32% in Singapore Tuesday morning, before their trading was suspended upon a request from Noble. Noble bonds also slumped to 36.5 cents on the dollar.
Now effectively closed off from the bond market, Noble has been shopping for a strategic investor to no avail. The Financial Times writes that bankers and analysts say Chinese sovereign wealth fund China Investment Corporation, which has a near 10% stake in Noble, is the company's best hope.
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