Pharmstandard approves subsidiary to purchase its ordinary shares
MOSCOW. Aug 30 (Interfax) - OJSC Pharmstandard has approved a possible purchase of additional Pharmstandard ordinary shares by its 100% subsidiary OJSC Pharmstandard-Leksredstva, the company said in a press release.
In addition, Pharmstandard decided to boost the amount of the purchase from 1.1 billion rubles to 2 billion rubles.
Pharmstandard-Leksredstva has no intention of acquiring shares in the form of GDR (global depositary receipts), which are traded on the London Stock Exchange (LSE), the press release said.
In the future, the Pharmstandard group may use the purchased shares in merger and acquisition deals in line with the group's general development strategy, it said.
At the beginning of June, Pharmstandard announced its subsidiary's plans to buy 1.1 billion rubles worth of the parent company's shares. The purchase will be carried out within a year of its approval.
By June 20, Pharmstandard-Leksredstva had bought 765,000 shares from its parent, thereby raising its stake in charter capital to 6.85%.
The company's primary shareholder, Augment Investments Limited, currently owns 54.32% of its shares, while 27.56% are circulated in the form of GDR on the LSE, and another 11.27% are traded on the RTS-MICEX stock exchange.