Shares in commodities trader Noble Group rose more than 30% on the Singapore Stock Exchange on Monday after reports of takeover interest from a Chinese trading group.
Market talk centred on Cedar Holdings Group, a Chinese speciality finance company, but Noble - in an announcement to the stock exchange - said it was aware of the rumours, but that it had previously announced it was in talks with "various potential strategic parties and its creditors".
The company added: "Whilst no assurance can be given as to the outcome of these discussions, the Company believes that these are open and constructive, and are moving forward."
Noble has been battling for survival following billions of dollars in losses. The company has engaged in a series of asset sales, including its oil trading division in the US.
The company is also seeking to restructure about $3.5bn in its corporate debt issuance before a coupon payment becomes due at the end of this month. The restructuring would likely involve the conversion of much of its unsecured debt into equity.
Despite the possible dilutive effects of such a move on the current shares, the stock closed 31.71% higher on Monday at S$0.27. However, the shares are down massively from the S$2.80 cyclical peak hit in February.
During the commodities boom of 2011, the shares traded above S$16.