The chairman of embattled commodities trader Noble Group bought 10 million shares of the company on open market for S$3.19 million ($2.22 million) on Friday, according to a filing to the Singapore Exchange.
Noble stock tanked 12 percent on Friday on the back of a credit ratings downgrade from Standards and Poor's.
According to the filing, Richard Elman - who is also the company's founder and biggest shareholder - upped his stake to 22.1 percent, from just below 22 percent prior to the purchase.
Noble's downgrade from investment grade to junk by S&P followed a similar moveby rival ratings agency Moody's just a week earlier. Both agencies raised concerns about the company's liquidity and the overall depressed commodities market.