November 1 -- Textile company Shandong Demian Incorporated (002072.SZ) said controlling shareholder, Demian Group, won approval from the State-owned Assets Supervision and Administration Commission (SASAC) to transfer a 50.29 percent stake in the company, reports yicai.com, citing a company filing.

Demian Group announced in July that it plans to sell the 50.29 percent stake to Zhejiang Fifth Season Industrial, Beijing Dongjing Shenjing Investment, and Shanghai Sengfu Investment, at a price of 10.3 yuan per share.

Following the proposed transaction, Fifth Season Industrial will become the largest shareholder of Shandong Demian Incorporated.

Fifth Season Industrial, which has a registered capital of 50 million yuan, is mainly involved in the investment business, and earned 70,400 yuan in 2010 on revenue of 6.41 million yuan.

Shandong Demian Incorporated incurred a loss of 48.26 million yuan for the first three quarters, and the company predicted a loss of between 65 million yuan and 75 million yuan for full year 2011.