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Owners of Russia’s Pharmacy Chain 36.6 sell 30% of their shares

The founders of the Russ­ian phar­macy chain 36.6, Bek­temirov and Krivosheev, are plan­ning to sell 30% of their shares to Roman Avdeev, accord­ing to indus­try experts.

The trans­ac­tion was initiated a cou­ple of weeks ago and is expected to be fin­ished by the end of the year. Bek­temirov and Krivosheev currently hold 40.01% of the phar­macy chain.

Ear­lier this year, Roman Avdeev, an owner of the Credit Bank of Moscow, bought 52% of the company’s drug pro­duc­ing unit Veropharm.

Accord­ing to experts, the under­ly­ing rea­son for the trans­ac­tions is an aspi­ra­tion to liq­ui­date a finan­cial debt, which amounts to RUR 11.3 billion. For this rea­son the deal is expected to be finan­cially neu­tral—only the debt of the phar­macy chain will be con­verted into cap­i­tal.

Pharmacy Chain 36.6 is evidently in a very dif­fi­cult finan­cial posi­tion. Nev­er­the­less, ‘the replace­ment of the main owner offers hope that all the obsta­cles will be man­aged suc­cess­fully’, com­mented Ivan Kush, an expert from the VTB Group. Still, it is nec­es­sary to acknowl­edge that 36.6 will hardly over­come the cri­sis in the near future. Of course, an owner plays a very sig­nif­i­cant role, but who will fill the top manager position is just as important.


36.6 is a lead­ing Russ­ian health and beauty retailer, offer­ing its patients a vari­ety of high-quality, afford­able health and beauty products. The chain has more than 800 drug­store out­lets in more than 20 regions. In 2012 the rev­enue of 36.6 amounted over RUR 20 billion. In the first quar­ter of 2013, the com­pany increased its debt 2.8 times (accord­ing to IFRS) in com­par­i­son to pre­vi­ous year.