Shareholders of TPV Technology Ltd have approved a plan by the Chinese computer monitor and flat television maker to take over Dutch electronics group Philips' loss-making television business, paving the way for TPV to gain a greater foothold in the global market.

The resolution was approved by all attending shareholders, TPV said in a filing to the Hong Kong stock exchange on Wednesday.

Once a global leader, Philips' TV unit had become a thorn in the firm's side, having notched up almost 1 billion euro in losses since the start of 2007 when competition with lower-cost Asian rivals began to intensify.

Hiving off the TV unit marks the end of an era for Philips and a significant achievement for Chief Executive Frans van Houten, who within two weeks of taking the helm last April, said the loss-making TV business would be nixed.

Shares of TPV have jumped more than 70 percent so far this year, outpacing a 16.5 percent rise in Hong Kong's benchmark index. (Reporting by Donny Kwok in Hong Kong and Roberta Cowan in Amsterdam; Editing by Muralikumar Anantharaman and XX)