Noble Group Moves to Acquire Andre & Cie's Asian Operations SINGAPORE, April 3 /PRNewswire Asia-AsiaNet/ -- Main board-listed global supplier of industrial raw materials and transport resources, Noble Group Limited (NOBL), today announced the signing of a Conditional Sale and Purchase Agreement with Swiss-based Andre & Cie SA, a global trader of agricultural commodities. Under the agreement, Noble will acquire Andre & Cie's Asian commodity operations, comprising the entire issued share capital of 16 companies within Andre & Cie, which is currently under court protection. The companies will be acquired by Noble for a nominal sum. In connection with the agreement, Noble has issued a guarantee of approximately US$64 million (approx S$115 million) in favour of the creditor banks of the 16 companies (Andre Asia Companies) to support their ongoing, underlying operations. The Andre Asia Companies are mainly involved in supplying commodities such as grain, soya beans and soya meal. Operating in Singapore, Australia, Japan, Indonesia, Thailand, India, Pakistan, Myanmar, Vietnam and the People's Republic of China, the 16 companies employ about 250 persons. In FY2000 alone, the 16 companies generated an aggregate turnover of over US$1 billion (approx S$1.8 billion). The Andre Asia Companies will be operating under the brand, Noble Grain. Said Richard S. Elman, Chairman of Noble Group: "This is a unique opportunity for the Noble Group. The acquisition will expand and complement Noble's existing range of commodities and is in line with the Group's continuing expansion plans." The agreement is subject to all requisite approvals (including, if required, the approval of Noble's shareholders) being obtained pursuant to the listing rules of the Singapore Exchange Securities Trading Limited. Observed Mr Elman, "We are keeping a careful watch on developments in demand and the balance of supplies between producers and end-users. Should the current outlook prevail, we believe Noble Grain should contribute positively to our earnings for FY2001." Noble Group recently announced sterling results for FY2000, achieving its best ever performance in Noble's history. Revenues jumped 51% to reach US$1.2 billion (S$2.1 billion) while net profit set a Group record with US$21.1 million (S$36.6 million), a 234% increase over FY1999. At year end 2000, the Group had over US$80 million (S$140 million) in cash balances available to the Group while net asset value increased to its highest level ever at US$113 million (S$198 million) or S$0.88 per share. Andre & Cie SA Founded in 1877, Swiss-based Andre & Cie SA is an international trader of agricultural commodities Noble Group The group links producers and consumers, uniquely integrating sourcing, marketing, processing and transportation and e-commerce through http://www.rawmart.com. Outside of Asia, Noble Americas trades in coal and coke, fertilisers, cocoa, sugar and oxygenates and refined oil products. For more information about Noble, please visit: http://www.thisisnoble.com. SOURCE Noble Group Limited CONTACT: Louisa Tam of Noble Group, +852-2389-7479, or [email protected]/