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Sinopharm plans $752 mln notes to repay loans

HONG KONG, Nov 24 (Reuters) - Sinopharm Group Co Ltd 1099.HK said it planned to issue up to 5 billion yuan ($752.7 million) worth of medium term notes, raising capital to fund operational activities, adding liquidity and for repaying bank loans.

In a filing to the Hong Kong bourse, the China’s largest pharmaceutical distributor said it planned to issue the medium term notes with maturity of not more than 5 years to institutional investors in China.

The company will seek shareholders’ approval in a shareholder meeting to be held on Jan 7, 2011. (Reporting by Donny Kwok; Editing by Ken Wills)

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