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