UPDATE: Russian pharmacy chains 36.6, A5 plan to merge

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MOSCOW, Jan 18 (PRIME) -- The shareholders of Russia’s Pharmacy Chain 36.6 and controlling shareholders of Pharmacy Chain A5 have reached a preliminary merger agreement, Pharmacy Chain 36.6 said in a statement on Monday.

“The companies are likely to merge through an issue of additional shares by Pharmacy Chain 36.6, which will remain the parent company of the future group. The additional issuance will be made through a public offering, part of which will be financed by stakes or/and shares of operating units of Pharmacy Chain A5,” it said.

The remaining part will be offered to the current shareholders of Pharmacy Chain 36.6 and other investors.

The price of the additional shares will be set by the board of directors of Pharmacy Chain 36.6 and a final decision will be made by the shareholders at the next extraordinary meeting on March 4.

Earlier Cyprus-based Palesora, the majority shareholder, decreased its stake in Pharmacy Chain 36.6 to 71.23% from 78.96%.

In December 2015, Media reported earlier that Pharmacy Chain 36.6 and Pharmacy Chain A5 can merge soon. After that information emerged, co-founder of A5 Roman Buzdalin told PRIME that he and Sergei Solodov sold their 68.75% stake in Pharmacy Chain A5, which they owned through Confeyia to businessman Roman Avdeyev.

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