Monday, October 10, 2016


- Found buyer for Noble Americas Energy Solutions (NAES), for US$1.05b, in a bid to boost liquidity.
- Scheduled for completion in Dec 2016, the deal would result in a net gain of US$386m for Noble.
- Post-sale, pro forma FY15 NAV/share is estimated to rise 12% to US$0.56.
- While the move is expected to unlock value for Noble, the cash-generative unit was previously touted by former CEO Yusuf Alireza as the core asset to help the group turn around its flagging commodity trading business.- Could see further uplift in the near-term from its depressed valuation of 0.26x P/B, on a pro forma basis.

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