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Richina Seeks To Move To Bermuda

Richina Seeks To Move To Bermuda

Statement made by Richard Yan, Acting Chairman, Richina Pacific Limited

Richina Pacific is to seek shareholder agreement to relocate its place of incorporation to Bermuda from New Zealand.

The company will issue a notice of meeting, including explanatory documentation, to shareholders on or about 24 November 2003 calling a special meeting for 10 December 2003 to vote on the issue.

If shareholders approve the proposal, it is anticipated that the removal of the company from the NZ companies register and the transfer of its place of incorporation to Bermuda will take place on or about 22 December, 2003.

The company has been discussing the possibility of this initiative with shareholders for some two years, and it is an acknowledgement that the future of the company lies in Asia.

Transferring its incorporation to Bermuda will be the first of a number of initiatives. The next will be the headquartering of the company in Singapore.

Ultimately, Richina Pacific’s primary listing market is likely to be Singapore. It is our intention, however, to retain a secondary listing in New Zealand.

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