Noble Group on Friday said its shareholders approved the company's pending sale of its North American oil business to Vitol U.S. Holdings about $580 million.
Noble said 99.96 percent of the votes cast were in favor of the disposal at a shareholder meeting on Friday.
Earlier this year, Vitol, the world's largest oil trader, closed a deal to buy Singapore-listed Noble's oil liquids unit Noble Americas Corp.
The Hong Kong-based firm, which is in talks with investors to address its deteriorating financial position, has been forced to shrink its business, exiting loss-making and non-core operations in order to survive.
Earlier this 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.
Noble Group shares ended up 11.6 percent at S$0.24 on the Singapore Exchange. The trader's market capitalization, which once topped $10 billion, has shrunk to $280 million.