A.v.e, Pharmacy Chain 36.6 planning to complete merger by Sept
MOSCOW. April 21 (Interfax) - Pharmacy Chain 36.6 and A.v.e Group (LLC Apteka-A.v.e.) are planning to complete a merger by September of this year, A.v.e co-owner and head Vladimir Kintsurashvili told Interfax.
Kintsurashvili, who is also the general director of Pharmacy Chain 36.6, said the companies had already merged on an operational level.
Pharmacy Chain 36.6 shares, which are traded on the Moscow Exchange, are not planned to be delisted. "We are not going to leave the stock market. A delisting will not occur," he said.
Temur Shakaya, who is an A.v.e co-owner, a chairman of the company's board of directors and also a member of Pharmacy Chain 36.6's board of directors, told Interfax that the process of appraising A.v.e's value is planned to conclude within a week.
Pharmacy Chain 36.6 agreed to a merger with the chain of pharmacies A.v.e. Group (LLC Apteka-A.v.e.) last year. The plan for the unification is the issuing of additional Pharmacy Chain 36.6 stock, which will remain the parent company of the future group. The additional issue will be conducted in open subscription. Some of the stock will be used as payment for a stake in A.v.e. Group. The rest will be offered for free acquisition to current shareholders and other investors. A.v.e. management will provide operational control over the unified company, and Pharmacy Chain 36.6 will remain the parent company.
A.v.e Group was established in May 2011 by former managers and shareholders of the A5 pharmacy chain. A.v.e merged with Moscow pharmacy chain Gorzdrav in September 2012. The owners of Gorzdrav - Igor Zhibarovsky and Temur Shakaya received 45% of A.v.e in equal shares.
A.v.e owns around 260 locations, including the brands A.v.e luxury, A.v.e family, 120/80, Star i Mlad and Gorzdrav wholesale pharmacies.
The largest shares package of Pharmacy Chain 36.6 belongs to companies owned by Moscow Credit Bank (MCB) co-owner Roman Avdeyev. MCB is Pharmacy Chain 36.6's largest creditor. Several sources have told Interfax that 36.6's founders, Artyom Bektemirov and Sergei Krivosheyev, told their shares in the pharmacy chain to Avdeyev's companies. According to company materials, Bektemirov and Krivosheyev owned 40.01% of the pharamacy chain through 36.6 Investments Limited, and each owned 3.62% directly. This means the partners sold around 47% of Pharmacy Chain 36.6 shares. The company's second largest shareholder in the investment fund Hi Capital with 17.83%.
As of June 30, 2013 Pharmacy Chain 36.6 had 737 outlets in 24 Russian regions. The company is developing the brands 36.6 and Leko.
