Decision Day for Noble Group Shareholders in Agri Deal Vote
- `The major shareholders are in support,' OCBC's Wong says
- Proceeds from $750 million sale will be used to reduce debt
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Noble Group Ltd. shareholders are expected to approve the sale of the company’s stake in its agricultural unit on Thursday as the commodity trader seeks to revive its fortunes by cutting debt, bolstering investor confidence and regaining its investment-grade credit rating.
Stockholders will attend a special general meeting in Singapore to vote on the sale of the 49 percent holding in Noble Agri Ltd. to Cofco Corp. for at least $750 million. China’s top food company already owned the other 51 percent, bought for $1.5 billion in 2014.