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Foreland Fabrictech chairman sells 29.5% stake for S$1m

The executive chairman of Singapore-listed Foreland Fabrictech Holdings has slashed his stake in the company to just 11.03 per cent, after selling a 29.5 per cent share for S$1 million. This works out to 0.62 of a Singapore cent per share. The off-market transaction by Tsoi Kin Chit took place on June 18. Filings with the Singapore Exchange on Sunday night also show that on the same day, Huang Wen acquired a deemed interest of 29.5 per cent in the Fujian-based company at the same price. "Huang Wen has deemed interest in the 160,619,700 shares which are held through UOB Kay Hian Pte Ltd," according to the filing. Prior to the transaction, he did not hold any interest in the company.