19/11/2017 |

Funds Baring Vostok withdrew from the shareholders of Pharmacy Chain 36.6

Roman Avdeev

Instead of funds managed by Baring Vostok, 13.8% of Pharmacy Chain 36.6 was owned by Rossium, the main owner of the Moscow Credit Bank (IBC), Roman Avdeev. This follows from the accounts of Rossium and the data of the Cyprus registry.

In 2016, the Russian pharma market was replaced by a leader: it was “Pharmacy Chain 36.6” (brands “36.6”, “A.v.e luxury”, “Gorzdrav”), which combined assets with the A5 group. The co-owners of the latter – the funds of Baring Vostok received 13.8% of the new company. The package was owned by the Cyprus Douflero Holding, it was said in the company’s card in the Cyprus registry and was confirmed by the representatives of Baring Vostok.

Since August 2017, the only owner of Douflero Holding – Concern “Rossium”, according to its accounts for the III quarter. The representative of the concern confirms the information. Rossium wanted to increase its stake in Pharmacy Chain 36.6, Baring Vostok is not against selling it, as the fund needs liquidity, confirmed the press officer of Baring Vostok Capital Partners: “Rossium” bought Douflero from the funds of Baring Vostok.

45% of the “Pharmacy Chain 36.6” from the Cyprus Palesora Limited, through which the pharmacy retailer owns including its general director Vladimir Kintsurashvili and board member Ivan Saganelidze. 8% of “36.6” owned by Palesora, in the mortgage: 5% on the loan and 3% on the repo transaction, reported in August, “RIA Novosti.” 15% of the Russian network belongs to the structure of the world’s largest pharmacy company – the American Walgreens Boots Alliance.

In early 2017, “Rossium” owned 10.5% of the shares of “Pharmacy Chain 36.6”, follows from the documents of both companies. In the reporting “36.6” for the III quarter among the shareholders of “Rossium” is no longer listed. Its share is distributed among affiliated legal entities, but it is unchanged – 10.5%, the representative of “36.6” says. This package “Rossium” has sold, assures its representative, but does not say when and to whom. “Rossium” pawned papers “36.6” on repo transactions, a person close to the shareholder told. Now the concern, according to its representative, only a package purchased from the funds of Baring Vostok.

The parties do not disclose the amount of the transaction. The new owner of Douflero Holding appeared on August 28: at the close of the Moscow stock exchange that day the stock of “Pharmacy Chain 36.6” cost 9 rubles, its weighted average price in August was 9.1 rubles. Based on these quotations, 13.8% of the “Pharmacy Chain 36.6” cost 2.9 billion rubles.

There were no apparent reasons to sell the stake in “36.6”, despite the difficult situation in the network, said Nikolai Demidov, head of the analytical center “Quintiles IMS Russia and the CIS”. Revenue “36.6” in the first half of 2017 increased by 9% to 24.7 billion rubles., Net profit – more than 10 times, to 345 million rubles. Debt on June 30 – 26.5 billion rubles., He grew in half a year by almost a third. The main creditor of the company, according to its data, is ICB. Demidov believes that Baring Vostok could get a very profitable offer from a person who knows the asset well, and decided not to give up.

Author: Maria Dranishnikova, Irina Sinitsyna


Article in Russian: Vedomosti

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