January 19, 2018 / 1:26 AM / 2 years ago

Shanghai Pharmaceuticals plans $400 mln share sale to fund production

HONG KONG, Jan 19 (Reuters) - Shanghai Pharmaceuticals Holding Co Ltd said on Friday it planned to sell HK$3.13 billion ($400 million) worth of new shares to fund the development of its manufacturing and distribution businesses.

The Chinese company plans to sell 153.18 million new H-shares, or 5.39 percent of its total enlarged share capital, to third-party investors, it said in a filing.

The new shares will be issued at HK$20.43 apiece, a 6.71 percent discount from the previous close.

The stake of its controlling shareholder, Shanghai Industrial Investment (Holdings) Co Ltd, will be reduced to 33.61 percent, from 35.52 percent, it said.

Morgan Stanley & Co International, Haitong International Securities Co Ltd and China Merchants Securities (HK) Co Ltd are the placing agents.

$1 = 7.8182 Hong Kong dollars Reporting by Donny Kwok; Editing by Malcolm Foster

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