Noble Group
Noble Group Logo. Reuters

Shares in the embattled commodities trader Noble Group jumped as much as 12 percent to S$0.14 on the Singapore Exchange on Monday.

About 4.2 million shares changed hands compared to a 30-day average of 4.8 million shares.

The Hong Kong-based firm agreed to sell most of its oil business to Vitol Group in October and will be holding a meeting in Singapore on December 15 for shareholders to vote on the sale.

On Friday, Noble agreed to sell its U.S.-based ethanol producing business to Mercuria Investments, instead of Zeeland Farm Services for a higher gross consideration of US$20 million.

Noble has been forced to shrink its business, exiting loss-making and non-core operations in order to survive.

Last month, the company announced the surprise departure of its co-Chief Executive Jeff Frase, just days after it reported a third-quarter loss of $1.17 billion and warned that the operating environment remains challenging.

The trader's market capitalization, which once topped $10 billion, has shrunk to $180 million.