Interest In Richina Pacific Subsidiary

Friday, 18 May 2001, 2:32 pm
Press Release: Richina Pacific

Interest In Richina Pacific Subsidiary, Colyer Mair

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited

We have been advised today that Lowe Corporation has filed an application with the Commerce Commission seeking approval to acquire our fully owned subsidiary, Colyer Mair Limited.

A number of parties, including Lowe Corporation Limited, have on occasions indicated an interest in purchasing Colyer Mair, and discussions have been held with these parties.

Colyer Mair is a well-managed and profitable semi processor and marketer of leather, and is New Zealand’s leading independent operator handling up to 20% of the country’s output.

For an international investment company such as Richina Pacific, such approaches are not out of the ordinary, and discussions with Lowe Corporation are continuing.

It is inappropriate for Richina Pacific to comment further at this stage. Shareholders will be advised when there is anything material to report.

end

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