Noble Group Closes Deal with COFCO to Establish Agribusiness Joint Venture
30 Sep 2014 --- COFCO Corporation, a leading supplier of diversified products and services in the agricultural products and food industry in China, Noble Group Limited, a market-leading global supply chain manager of agricultural and energy products, metals and minerals headquartered in Hong Kong, and an investment consortium consisting of Hopu Investment, Temasek, IFC and Standard andChartered Private Equity, are pleased to announce that the proposed transaction to form an agri-business joint venture “Noble Agri” has been successfully closed.
“I would like to thank all the parties that enabled this transaction to come to fruition seamlessly,” commented Mr. Frank Ning, Chairman of COFCO Corporation. “COFCO’s purchase of a controlling stake in Noble Agri is a significant milestone in our strategic move to enhance our presence in the seaborne market for agricultural products. We look forward to working in partnership to build on Noble Agri’s existing footprint and to increase its presence in the global market.”
Mr. Richard Elman, Chairman of Noble Group said, “The completion of this transaction marks a significant milestone in the continued development of our bulk commodity business. I would particularly like to thank our new partners for their support in bringing this transaction to fruition and have every confidence that with their support Noble Agri will emerge as a key player in global agricultural markets.”
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