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Noble Group’s Buybacks Exceed Almost All Recent Acquisitions

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Noble Group Ltd., the Singapore-listed trader that has been targeted by short-sellers and critics of its accounting, has recently spent more on its own shares than it has on all but one of its investments in four years.

Asia’s largest commodity trader has bought back its own stock at least 11 times since last month and built up a 2.8 percent stake from zero. Noble used S$131 million ($96 million) on the purchases, which company spokesman Stephen Brown said is a good way to use excess cash. The only time Noble spent more than that on an asset since 2011 was when it paid $140 million for a Jamaican alumina plant in 2014, according to data compiled by Bloomberg.