Russian pharmacy chain 36.6 has announced that it is to sell its stake pharmaceutical manufacturer Veropharm.
Reducing debt to open opportunities
The company said that selling its 52% stake in Veropharm for 5 billion rubles to GarndenHills will reduce debt. At the end of last year the pharmacy chain’s debt stood at 8.3 billion rubles and Veropharm’s was at 1.5 billion rubles. Proceeds from the transaction will be used to reduce debt of the retail pharmacy business which will open up opportunity for further business development.
The move comes as part of the company’s global restructuring activities. The pharmacy chain may also be planning the sale of stores in unprofitable regions as it focuses on the retail side of the business.