China’s pharmaceutical products distributor Sinopharm Group Co Ltd said on Friday it plans to issue HK$4.07 billion ($523.66 million) worth of H shares to raise capital for the expansion of its distribution and retail network.
Sinopharm said it plans to sell up to 149 million new H shares, representing 4.8% of the total issue share capital on completion of the deal, to not less than six third-party investors.
The shares will be sold at HK$27.30 per share, representing a 7.3% discount to Thursday’s close.
None of the individual investors will become a substantial shareholder on completion of the deal, the company said.
China International Capital Corp, Hong Kong Securities Ltd, Haitong International Securities Co Ltd, Merrill Lynch (Asia Pacific) Ltd, Morgan Stanley & Co International plc, and UBS AG Hong Kong Branch are the placing agents.
Source: Reuters.com