Chemist Warehouse is preparing to list on the Australian Securities Exchange (ASX) as the pharmacy chain takes a majority stake in Sigma Healthcare in a reverse takeover.

Sigma requested the local bourse to halt trading its shares pending an announcement related to a “potential material transaction” expected on Friday.

The Sydney Morning Herald reported that Sigma is raising $350 million to provide more liquidity for the larger business.

According to the report, sources said that HMC Capital boss David Di Pilla is taking part in the transaction and is expected to join the board of the upcoming merged entity, which would comprise representatives from Chemist Warehouse and Sigma.

HMC Capital is managing a fund that owns a 19 per cent stake in Sigma and the company has been assisting the Gance and Verrocchi families, owners of Chemist Warehouse, to list their business on the ASX.

Both the Gance and Verrocchi families are investors in HMC Capital’s vehicles.

Chemist Warehouse is currently valued at about $5 billion and its listing is expected to crystallise the wealth of its founders, who also have large property holdings that include several large Chemist Warehouse stores.