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Richina Pacific Delays Rights Issue

Richina Pacific Delays Rights Issue To Better Inform Shareholders

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited

Richina Pacific is to temporarily delay its rights issue to raise US$10.4 million to enable it to incorporate its latest audited financial results in the offer documentation.

The original time schedule for the rights issue would have seen the company releasing the offer documentation to shareholders on 14 February 2003. This documentation would have contained the un-audited results for the six months ended 30 June, 2002.

Improved corporate reporting has made it possible for the company to bring forward its traditional reporting date, so that the company is now only weeks away from finalising its financial results for the year ended 31 December, 2002. Directors therefore consider it is appropriate to incorporate the 2002 year-end results into the offer documentation for the rights issue.

This short delay, of up to a maximum of four weeks, will not materially impact on the company’s planned use for the funds, which is to fund the fast growing Shanghai Richina Leather operation and its need to purchase sufficient skins and hides for processing into leather to meet its 2003 order book.

As previously announced, directors anticipate announcing an after tax profit in the region of $8 million for the full 2002 financial year.

The renounceable, one-for-one pro rata rights issue at a strike price of US$ 14.5 cents is fully underwritten.

Shareholders will be able to subscribe for new shares in NZ dollars at a fixed rate determined by directors and announced to the Stock Exchange at the time the offer documentation is sent to shareholders.

Richina Pacific will make a further announcement regarding the new timetable in due course.

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