CIC purchases 15% stake in Noble Group

China Investment Corp (CIC), the nation's sovereign wealth fund, has bought a 15-percent stake in Noble Group Ltd as the commodity supplier benefits from the country's demand for coal, iron ore and soybeans.

Noble will sell $850 million worth of new and existing shares to CIC at 8.1 percent less than the last traded price. The sale includes 135 million shares owned by Chief Executive Officer Richard Elman and 438 million new shares, the Hong Kong-based company said in a statement.

CIC is increasing investments in commodities. Noble's second-quarter profit doubled as China boosted raw material imports to fuel $586 billion of stimulus spending needs.