The Noble Group has agreed to sell the remaining 49% share in its agricultural trading and processing arm Noble Agri for $750 million in cash to Chinese food manufacturer COFCO, or China National Cereals, Oils and Foodstuffs Corporation, the commodities trading house announced on Wednesday.

COFCO currently owns 51% of Noble Agri, which it acquired in April 2014 for $1.5 billion. The company is to be renamed as COFCO Agri, the Chinese company said in a statement.

The deal is subject to approval by Noble Group's shareholders.

"The consolidation of our ownership is a strong step towards our guiding vision: to be a multi-flag world class global agri-business," Noble Agri CEO Matt Jansen said earlier.

The Noble Group has agreed to sell the remaining 49% share in its agricultural trading and processing arm Noble Agri for $750 million in cash to Chinese food manufacturer COFCO, or China National Cereals, Oils and Foodstuffs Corporation, the commodities trading house announced on Wednesday.

COFCO currently owns 51% of Noble Agri, which it acquired in April 2014 for $1.5 billion. The company is to be renamed as COFCO Agri, the Chinese company said in a statement.

The deal is subject to approval by Noble Group's shareholders.

"The consolidation of our ownership is a strong step towards our guiding vision: to be a multi-flag world class global agri-business," Noble Agri CEO Matt Jansen said earlier.