www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

National

Regional

Taiwan, HK, Macao

Special Coverage

Focus

Society

Profiles

China sovereign fund to take stake in commodities firm

(Xinhua)
Updated: 2009-09-22 20:16

BEIJING: China Investment Corporation (CIC), China's sovereign wealth fund, is in negotiation with Noble Group, a Hong Kong-based commodities trader, to acquire shares of the latter, said sources with CIC on Tuesday.

"The deal is still waiting for permission from the boards of directors of Noble Group," said a person with CIC who refused to be identified.

Related readings:  Glencore likely to get CIC investment  CIC eyes stake in power firm AES  WB chief wants CIC in Africa  China's CIC wealth fund muscles up as markets recover  CIC may invest in US mortgages

According to a statement released by the Noble Group, the company has reached an agreement with CIC for the Chinese firm to buy 573 million shares for approximately $850 million, at 2.1137 Singapore dollars per share.

The placement comprised of 438 million newly issued shares by the Noble Group and 135 million shares from trust companies associated with the interests of Noble founder and CEO Richard Elman, according to the statement.

The placement is subject to approvals of the respective boards of directors of CIC and the Noble Group, said the statement.

According to the Noble Group, both companies have agreed to jointly invest in infrastructure assets and supply chain management related to agricultural commodities.

Merrill Lynch (Singapore) Pte. Limited acted as the sole placement agent for Noble Group. J.P. Morgan Securities (Asia Pacific) Limited acted as financial advisor to CIC.

Listed in Singapore, Noble Group is a market leader in managing the global supply chain of agricultural, industrial and energy products.

The CIC was launched in September 2007 with registered capital of $200 billion from China's huge foreign exchange reserves.