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Richina Special Meeting Scheduled For Early April

Richina Special Meeting Scheduled For Early April

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited

Richina will hold a special meeting on April 2, 2003, to vote on the removal of Mr Ming Lu as a director for declining to sign a prospectus for a planned rights issue.

At the same meeting, to be held in Auckland, the company will also seek shareholder approval to enter into a US$3 million short term funding facility with a related party to finance the working capital requirements of its fast growing Shanghai Richina Leather operation in China, until such time as the proposed cash issue can be completed.

If the meeting approves the removal of Mr Lu as a director, the remaining directors plan to proceed with the rights issue without delay.

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