Jean Coutu Group, a Canadian pharmacy chain, has offloaded remaining stake in its American drugstore chain Rite Aid in a deal worth $192.2m.

The company has sold 65.4 million shares at an average price of $2.95 per share.

A gain of $ 94.1m will be recorded in the company’s net profit during the second quarter of the 2014 fiscal year, in addition to a gain of $ 50m previously announced for the sale of 40,500,000 Rite Aid shares on 26 June 2013.

Following the sale of remaining stake, the company is no longer a shareholder of Rite Aid, the company said in a statement.

The Canadian retailer had acquired a 32% stake in Rite Aid in 2007, when the latter acquired around 1,800 Brooks and Eckerd chains, along with six distribution centers for $3.4bn in cash and stock deal.

However, Jean Coutu began divesting its stake in the chain from April 2012.

The latest stake is said to be a part of company’s plan to leverage the strong performance after years of decline.

Low-priced generic drug offerings, debt refinancing and store remodels have helped the drugstore chain to record profits.

Jean Coutu operates a network of 407 franchised stores located in the provinces of Québec, New Brunswick and Ontario under the banners of PJC Jean Coutu, PJC Clinique, PJC Santé and PJC Santé Beauté.