Aptechnaya set' 36,6 OAO Completes Sale of Verofarm OAO-Interfax

Thursday, 12 Sep 2013 03:22am EDT 

Interfax reported that Aptechnaya set' 36,6 OAO (Pharmacy Chain 36.6) completed the sale of 51.93% of the stock in Verofarm OAO (VeroPharm) to an organization of Moscow Credit Bank co-owner Mr. Roman Avdeyev on September 11, a company press release says. As planned, all the proceeds from the transaction totaling RUB 5 billion were used to reduce Pharmacy Chain 36.6's debt burden, Pharmacy Chain 36.6 said. Pharmacy Chain 36.6 was able more than halve its debt burden, which for its retail business was RUB 9.18 billion at the end of the first half. On August 29, Pharmacy Chain 36.6 struck the sale agreement with GardenHills, whose beneficiary owner is Mr. Avdeyev. Russia's Federal Anti-monopoly Service (FAS) approved the buy. The FAS has cleared GardenHills to buy the remaining 48% free float. Later it was reported that the new stockholder intends to buy out VeroPharm minority holders for RUB 963 per share. 

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