OJSC Pharmstandard announces the decision of the Board of Directors on the spin-off
Moscow, 8 July 2013 – Pharmstandard OJSC (LSE: PHST IL, RTS: PHST RU) ("Pharmstandard" or the "Company") announces that the Company decided to initiate necessary steps for a spin-off of Company's branded over-the-counter business ("Branded OTC") into a separate legal entitity whose shares will be proportionally distributed among the shareholders of the Company.
On Friday, July 5, 2013, the Company's Board of Directors convened to discuss the matter and agreed to announce the extraordinary shareholder meeting in accordance with legislation of Russian Federation and with the Company's Charter.
Pharmstandard will hold a conference call on Wednesday, 10 July 2013 to clarify details of spin-off process. Details will be provided later by an additional notice.