Selling pressure on Noble Group (N21.SG) not letting up as controlling shareholder Richard Elman’s decision to step down as chairman raises concerns he may offload some shares, says Dow Jones.

Stock off 2.9% at $1.67 with volume at 4-week high, may hold above $1.63, based on orderbook quotes.

“We believe this does increase the chances of a share overhang should he want to sell more,” says Daiwa analyst Chris Sanda, but adds move has no material fundamental impact on supply chain manager.

Research house also notes Elman owns 23.6% of Noble via a trust. Independent board director Tobias Brown will become executive chairman from September 1, while Elman will focus on what he calls “strategic issues” facing Noble, on promoting shareholder value.