September 24, 2013 / 5:38 AM / 4 years ago

Russia's Pharmacy 36.6 owners to sell stakes: paper

MOSCOW (Reuters) - The main owners of indebted Russian drugstore chain Pharmacy Chain 36.6 (APTK.MM) plan to sell down their stakes, business daily Kommersant reported on Tuesday.

Artyom Bektemirov and Sergei Krivosheev will sell around 30 percent of their combined stake in the chain to banker Roman Avdeev who recently bought the company’s drug producing unit Veropharm VRPH.MM, Kommersant wrote.

    As a result, Bektemirov and Krivosheev will retain between 5 and 10 percent of the pharmacy chain’s shares in total, while Avdeev will become its biggest shareholder. Pharmacy Chain 36.6 was not immediately available for comment.

    Russia’s only listed drugstore chain has been struggling to make profits for years in part due to increased sector-wide price regulations. Last year it started to close its premium stores and reopen them as discount outlets, and it also sold Veropharm in an effort to cut debt.

    Reporting by Maria Kiselyova; Editing by Douglas Busvine

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