SINGAPORE (May 24): Noble Group says it was not aware of any reason that could confirm a media reports that Sinochem no longer pursuing stake buy in the company.

Reuters reported on Monday that Sinochem no longer pursuing stake buy in Noble Group.

However, Noble says it is aware that the Reuters report has indicated reasons for any transaction not proceeding were commercial concerns about Noble.

Noble is also aware that S&P global ratings has announced it will downgrade company's corporate credit rating to CCC+ and issue rating to CCC.

The responses were made in a filing this morning to queries from Singapore Exchange regarding the unusual trading activity of its shares on Tuesday.

Noble has previously announced it is in talks with various potential strategic parties.

The company says it will continue to right size businesses and to evaluate further asset sales.

Noble has struggled ever since Iceberg Research questioned its accounts in early 2015 and following a brutal downturn in commodity markets.

The company has stood by its accounts.

The combined impact has been a collapse of its share price, credit downgrades, management upheavals and a series of writedowns, asset sales and fundraising.

Noble's market value has shrunk to about US$400 million now from US$6 billion in February 2015.

Under new Chairman Paul Brough, the company this month mandated Moelis & Company and Morgan Stanley to review strategic alternatives for its businesses.

Noble opened 5 Singapore cents lower at 36 Singapore cents this morning.