Jilin Chemical Industrial Company Limited Announces Extraordinary General Meeting to Approve Connected Transaction

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Jilin Chemical Industrial Company Limited Announces Extraordinary General Meeting to Approve Connected Transaction

13/11/2003 1:23pm

PR Newswire (US)

Jilin (NYSE:JCC)
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Jilin Chemical Industrial Company Limited Announces Extraordinary General Meeting to Approve Connected Transaction JILIN CITY, China and HONG KONG, Nov. 13 /PRNewswire-FirstCall/ -- The Board of Directors of Jilin Chemical Industrial Company Limited (the "Company") (HKSE: 368, NYSE: JCC) held a meeting on November 13, 2003 in Jilin City, Jilin Province, the People's Republic of China (the "PRC") in which it voted to convene an extraordinary general meeting on December 30, 2003 for the purpose of considering and, if thought fit, passing the following resolution as ordinary resolution of the Company: THAT the agreement dated 13 November, 2003 entered into between the Company and Jilin Chemical Group Corporation for the purchase of certain assets including equipment and machinery at an aggregate consideration of RMB159.5 million to be satisfied by way of set off against accounts receivables of the Company from Jilin Chemical Group Corporation be and is hereby approved and the directors of the Company (or any of them) be and are hereby authorized to take such actions and execute such documents as they may consider necessary or desirable to carry out and complete the transaction. A shareholders' circular containing further information on the above-mentioned connected transaction, the recommendation of the independent committee of the Board of Directors of the Company and the advice of the independent financial adviser will be sent to the shareholders of the Company shortly. Jilin Chemical is the largest producer of basic chemicals and chemical raw materials, and one of the largest diversified chemical enterprises in the PRC. Its primary business comprises the production of petroleum products, synthetic rubber products, chemical fertilizers and other chemical products. DATASOURCE: Jilin Chemical Industrial Company Limited CONTACT: Mr. Li Chunqing of Jilin Chemical Industrial Company Limited, +86-432-3903651, fax, +86-432-3028126; or Ms. Mabel Tai of Fortune China Public Relations Ltd., +852-2838-1162, fax, +852-2834-5109

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