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Russia's Pharmacy Chain 36.6 sells Veropharm stake
August 29, 2013 / 9:38 AM / 4 years ago

Russia's Pharmacy Chain 36.6 sells Veropharm stake

MOSCOW, Aug 29 (Reuters) - Indebted Russian drug store chain Pharmacy Chain 36.6 is selling its stake in drug producing unit Veropharm for 5 billion roubles ($151 million) as part of a business restructuring.

The company said in a statement it had agreed to sell Veropharm to GardenHills, a company of Russian businessman Roman Avdeev.

“Today’s deal will reduce the debt burden,” Artem Bektemirov, the CEO and co-owner of Pharmacy Chain 36.6, said in the statement, adding the company also planned to close unprofitable stores to make its retail business more efficient. ($1 = 33.1985 Russian roubles) (Reporting by Maria Kiselyova; Editing by Douglas Busvine)

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