Investors of embattled commodities trader Noble Group on Thursday approved the sale of the company's stake in Noble Agri to Cofco for at least $750 million.
Noble chief executive Yusuf Alireza told a shareholder meeting in Singapore that the unit had been making losses and that the sale would improve the liquidity and balance sheet of the company.
Chinese food giant Cofco owns the remaining 51 percent of Noble Agri, which it bought for $1.5 billion in 2014. Cash proceeds from the sale of Noble Agri will be used to repay debt, Noble said in December.
Moody's Investors Service and Standard and Poor's recently cut the company's credit rating to junk due to liquidity concerns amid a wider commodities rout. Fitch still has an investment grade rating on the firm.