DECEMBER 27 -- Fujian Nanping Paper (600163), a maker of newsprint paper and unbleached pulp, said Shanghai Huaxin Petroleum may acquire a 29.8 percent stake in the company from controlling shareholder, Fujian Light and Textile Industrial Holding, reports Oriental Morning Post, citing a company filling.

The Shanghai-based company plans to spend an estimated 1.15 billion yuan to acquire 215 million shares at 5.341 yuan per share.

Fujian Light and Textile Industrial Holding, which holds a stake of 39.66 percent, had announced on November 26 that it plans to sell a 29.8 percent stake at not less than 5.341 yuan per share.

Should the transaction succeed, Shanghai Huaxin Petroleum will replace Fujian Light and Textile Industrial Holding as the largest  shareholder of Nanping Paper.