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Owners of Pharmacy Chain 36.6 Plan to Sell Stake

The main owners of indebted Russian drugstore company Pharmacy Chain 36.6 plan to sell down their stakes, Kommersant reported Tuesday.

Artyom Bektemirov and Sergei Krivosheyev will sell a stake of about 30 percent in the chain to banker Roman Avdeev who recently bought the company's drug producing unit Veropharm, Kommersant wrote.

As a result, Bektemirov and Krivosheyev will retain between 5 and 10 percent of the pharmacy chain's shares in total, while Avdeyev will become its biggest shareholder. Pharmacy Chain 36.6 was not immediately available for comment.

Russia's only listed drugstore chain has been struggling to make profits for years in part due to increased sector-wide price regulations. Last year, it started to close its premium stores and re-open them as discount outlets, and it also sold Veropharm in an effort to cut debt.

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