Commodity trader Noble Group said shareholders approved the sale of its North American gas and power unit to rival Mercuria Energy Group.
At a special general meeting of Noble Group held in Singapore on Tuesday, 99.76 percent of shareholders casted a "yes" vote for the proposed disposal.
The sale, which would fetch about US$261 million, is expected to help Noble reduce its debt levels.
The company, which commenced its strategic review earlier this year, has been forced to shrink its business, exiting loss-making and non-core operations in order to survive.
Noble sold its North American energy distribution unit to U.S. firm Calpine Corp last year.
It has also commenced a formal sales process of its Global Oil Liquids business, with a short list of potential buyers and final bids are expected during the third quarter, it said in July.
Noble, whose top shareholders include Elman and sovereign wealth fund China Investment Corp, is now mainly focused on coal, carbon steel, metals and LNG businesses.
In a bid to further reduce costs, the group will bring its headcount to about 400 from current 900.
The Hong Kong-based trading house, which has been hammered by two years of attacks on its accounting during a commodity slump, posted a net loss of US$1.75 billion in the second quarter.
Noble Group shares fell 2.4 percent at 40 Singapore cents.