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. Last Updated: 07/27/2016

Pharmacy 36.6 Plans to Sell Shares

Pharmacy Chain 36.6, the country's largest drugstore chain, will sell shares to fund expansion as it opens new outlets and buys smaller chains to tap rising consumer demand, company spokesman Mikhail Kolosov said Friday.

The company will sell 1.5 million new shares, equating to 16 percent of its total capital, Kolosov said. Current investors will have the right to buy stock, and the rest will be offered to the public, probably on an exchange, he said.

"The money attracted through the placement will be directed toward expanding the company's retail operations and investments in the medical-services segment, as well as development of internal infrastructure," CEO Artyom Bektemirov said in a statement.

The company plans to invest as much as $200 million this year to raise its store count to about 1,435 from 838 at the end of 2006, chairman Sergei Krivosheyev said in May. Troika Dialog will organize the sale, Kolosov said. A selling price and date have yet to be fixed, he said.