The main owners of indebted Russian drugstore company Pharmacy Chain 36.6 plan to sell down their stakes, Kommersant reported Tuesday.
Artyom Bektemirov and Sergei Krivosheyev will sell a stake of about 30 percent in the chain to banker Roman Avdeev who recently bought the company's drug producing unit Veropharm, Kommersant wrote.
As a result, Bektemirov and Krivosheyev will retain between 5 and 10 percent of the pharmacy chain's shares in total, while Avdeyev 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 re-open them as discount outlets, and it also sold Veropharm in an effort to cut debt.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
