Singapore-listed clothing manufacturer China Fashion will have a new considerable investor.It said Thursday its CEO Chen Xi Jian and his wife Chen Chun Fang have sold some 38.6 million shares to a firm called Noble Plan International.

The share sold make up about 29 per cent of the company.

Mr. Chen and his wife sold each share for 3 cents, with the total value of the sales amounting to about S$1.16 million.Noble Plan will also increase its stake in China Fashion by buying more shares through subscription conformity.Under the conformity, Noble Plan will donate to up to 59.9 million new normal shares in the firm, paying 3 cents per share.

At that price of 3 cents per share, it represents a discount of some 14 per cent to the weighted average price of 3 and a half cents of the firm’s ordinary shares traded yesterday.

The contribution shares represent some 45 per cent of the issued and paid up share capital of the firm. Net profits of the proposed assignment are estimated to be about S$1.7 million. China Fashion intends to use the profits for general working capital purpose. Noble Plan is a speculation holding company incorporated in the British Virgin Islands and is wholly-owned by sole director, Tan Chee Beng.