Noble Group has been blocked from transferring its listing status to New Noble as part of its proposed restructuring.
The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX Regco) said there were “significant uncertainties” about the financial position of New Noble.
“It would be imprudent to allow the re-listing as investors will not be able to trade in New Noble’s shares on an informed basis,” MAS, SGX and the Singapore Police Force said in a joint statement.
MAS and SGX Regco added that they will therefore not allow the re-listing of New Noble to proceed.
The announcement came after a “careful review” of the findings thus far into Noble Group and Noble Resources International (NRI), carried out by MAS, the Commercial Affairs Department (CAD) and the Accounting and Corporate Regulatory Authority (ACRA).
Last month, the authorities took investors by surprise when it revealed that the commodities trader was being probed for potential breaches of securities rules and company law.
On Friday, Noble Group responded that it may seek court-appointed administration in the UK after Singapore authorities blocked its relisting plans.
“In doing so, the board, in discharging its fiduciary duties, may implement the restructuring through a court-appointed officer,” it said.
Under such a scenario, creditors would then take control of the company, with shareholders and perpetual bond holders likely to be wiped out.
