November 7 -- Henan Senyuan Electric (002358.SZ), a maker of power distribution equipment, plans to purchase a 56.67 percent stake in Henan Huasheng Longyuan Electric for 16.12 million yuan, or an average price of 0.9482 yuan per share, reports yicai.com, citing a company filing.

Huasheng Longyuan has a registered capital of 30 million yuan. Its major product, 10kv intelligent power distribution terminals, are sold mainly in Guangdong, Guangxi, Sichuan, and Tibet.

Through the end of September, Huasheng Longyuan had net assets of 27.54 million yuan.

The target stake will be acquired from natural person Yang Bingcan, the current chairman of Huasheng Longyuan.

Yang currently holds a 79.67 percent stake in Huasheng Longyuan. After the transaction, the listed company will become the controlling shareholder of Huasheng Longyuan.