Sinopharm to raise up to $515 mln in share sale to fund expansion

HONG KONG, March 28 Wed Mar 27, 2013 8:59pm EDT

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HONG KONG, March 28 (Reuters) - Sinopharm Group Co Ltd , China's biggest distributor of pharmaceutical products, said on Thursday that it was aiming to raise up to HK$4 billion ($515.3 million) by selling Hong Kong shares, to fund the expansion of its distribution and retail network.

Sinopharm, which posted a 26 percent rise in 2012 profit, said it would sell up to 165.7 million new H shares at HK$24.60 apiece, representing a 8.9 percent discount to the previous close.

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($1 = 7.7633 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Chris Gallagher)