Macedonia's Alkaloid Cancels Sale of 25% Stake in Pharmacy Chain to Zegin, Sells It to Pharmacorp Instead

"On Wednesday Alkaloid AD sold its 25% share in Gradski Apteki - Skopje to Pharmacorp since the previous contract with Zegin failed to materialise," Alkaloid said in a statement but provided no further details.

Officials of neither company were available to comment on Wednesday.

Alkaloid and pharmacy chains Zegin and Pharmacorp each bought a 25% stake in Gradski Apteki for a total of 794.8 million denars ($18.8 million/12.9 million euro) in 2006. The government sold the remaining 25% of the chain to current and former employees. Last March Alkaloid said it had sold its stake in Gradski Apteki to Zegin for an undisclosed price.

Gradski Apteki is a chain of 36 pharmacies.

Drug manufacturer and retailer Alkaloid (www.alkaloid.com.mk) is based in Skopje. It has representative offices in 11 countries and distributes its products in 27 countries. Alkaloid manufactures paints and varnishes, as well.

Zegin (www.zegin.com.mk) has 24 pharmacies across the landlocked southeast European country of two million.

(1 euro= 61.6087 Macedonian denars)