Additional issue of shares held by PJSC “Pharmacy chain 36.6” did not result in change of controlling shareholders and Vladimir Kintsurashvili and Ivan Saganelidze remained in control. Their Cyprus based Palesora Ltd got 37,18% of shares of PJSC directly and the rest of the shares via National Settlement Depository (NSD). Before the deal Palesora Ltd held 60,58%. 10.08% went to OOO “Concern “Rossium” controlled by the main shareholder of the Moscow Credit Bank Roman Avdeev. 13% were received by Douflero Holdings Limited (its beneficiary is Baring Vostok Fund.) In addition, about 15% remained with the American company Walgreens Boots Alliance, its shares also listed in NSD.
“36.6” has issue shares in order to merge with A5 group(A5 pharmacy chain, “Norma”, “Formador”). 1.35 billion shares were issued by public subscription (or 139% of equity capital). 799 million shares were issued at a price of 10.8 RUB per share, 556 million shares at a price of 12 rubles, and entire issue was worth 18.3 billion RUB of which 15.3 bn. were backed by assets and 3 billion rubles were paid in cash. The A5 and “36.6” merger will allow to more efficiently manage the chains and to establish more beneficial relations with suppliers.
The combined company will have 4,5% share of the Russian pharmacy market and about 17% of the market of Moscow and Moscow region, according to DSM Group. The company decided to focus on the market of Moscow and the Moscow region, believing it to be more promising than other regions, and therefore sold regional stores in 2014. In 2015, the two companies earned a total of about 52 billion rubles.
“36.6” is building the largest chain of pharmacies in the Russian market in order to subsequently sell it to a strategic investor. The purchase of 100% of the chain stores is considered by American company Walgreens Boots Alliance. It can take up to five years, said Stefano Pessina Walgreens Boots Alliance Chief Executive Officer.