Noble Group looks to raise $2.5 billion to refinance debt
The company logo of Noble Group is displayed at its office in Hong Kong, China January 22, 2016. Reuters

Shares in Noble Group fell as much as 4 percent to an over 52-week low of S$0.24 on Monday after the embattled commodity trader reported a third-quarter loss of $1.17 billion last week and warned that the operating environment remains challenging.

At 0200 GMT, the stock was down 2 percent at S$0.245 on the Singapore Exchange. About 495,000 shares traded in the morning session compared to daily average of 10 million.

Noble Group's results highlighted the worsening liquidity conditions for the Singapore-listed trader. Liquidity headroom gives an indication of how much spare capital it has available to fund its business. The figure slumped to $800 million at the end of September from $1.4 billion three months earlier.

The company's survival plan hinges on selling a further $1 billion worth of assets and finding a strategic backer for the group's remaining coal, liquefied natural gas and freight operations.

The Hong Kong-based group has been battered by a savage downturn in commodity markets and concerns about its accounting.

The company, which commenced its strategic review earlier this year, has been forced to shrink its business, exiting loss-making and non-core operations in order to survive.

Last month, Noble Group agreed to sell its U.S. oil-liquids business to Vitol Group for about $580 million.