OREANDA-NEWS. On 13 May 2008 ОАО Pharmacy Chain 36.6 announced the complete sale of its Healthcare business unit — the European Medical Center (EMC) group of companies to Goldencorp Enterprises Ltd. (BVI).  The sale affects all companies making up the unit including general medical care clinic and hospital* (European Medical Center), dental clinic (European Dental Center) and clinical laboratory. The total enterprise value is USD 110 million. The proceeds of this transaction will be available to the Company by June 1, 2008.

Jere Calmes, President, OAO Pharmacy Chain 36 commented on the sale:

"We are very pleased with the timely execution and valuation achieved during the sale process. This transaction is 100% in line with the Company’s stated strategy of divesting non core operations to focus on its leading pharmaceutical retail business. The sale generated significant interest from the potential investors which allowed us to close the transaction during an extremely short period of time. The terms of the transaction were unanimously supported by the Company’s Board of Directors. I’d like to express my gratitude to all team members and partners for successfully achieving this key deliverable of our 2008 funding strategy. All of the proceeds from the sale will be used to finance the current operations of the retail business."

EMC is a unique, western-type clinic based in Moscow with an unrivaled, leading position in the premium segment of the Moscow market for health services. It provides a full spectrum of out-patient and in-patient medical services with more than 57’000 admissions and more than 25’000 customers in 2007.   According to unaudited management IFRS accounts EMC sales in 2007 reached USD 25.9 million.

Renaissance Capital acted as a financial advisor of the transaction and Aquila Capital Group acted as financial advisor to the purchaser.

* The full service hospital on Orlov pereulok is currently under construction, expected to open in 2009.