August 28, 2014 / 3:30 AM / in 3 years

CSPC Pharmaceutical shareholder plans $535 mln share sale -IFR

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HONG KONG, Aug 28 (Reuters) - CSPC Pharmaceutical Group Ltd's main shareholder has launched a sale of about $535 million worth of shares in the company, IFR reported citing a term sheet of the transaction.

Joyful Horizon Ltd, a subsidiary of CSPC's largest shareholder Massive Top Ltd, is offering 650 million shares in an indicative range of HK$6.30 to HK$6.45 each.

The top end of the range was equivalent to a discount of 8.3 percent to its previous close on Wednesday.

Trading of the shares was halted on Thursday morning before the market open.

Goldman Sachs, Morgan Stanley and UBS were hired as joint bookrunners of the sale, added IFR, a Thomson Reuters publication. (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Edwina Gibbs)

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