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Russia pharmacy chain 36.6 approves new share issue
Russian health and drugstore chain Pharmacy 36.6 said on Sunday its shareholders had approved an issue of 85.5 million new shares that could help it refinance debts and settle accounts with suppliers.
The company said in a statement the new shares would be sold through an open subscription at a price which is yet to be announced after existing shareholders exercise pre-emptive rights to buy into the issue.
Its Moscow-listed shares are currently trading at 62.34 roubles ($2.12), which means the company could raise more than $180 million if it prices the issue near the market level.
The company, which analysts said has been delaying payments to suppliers, has around $160 million of short-term debts.