ZHEJIANG GLASS COMPANY, LIMITED
(a joint stock limited company incorporated in the People's Republic of China)(Stock Code: 739)
(1) PROPOSED A SHARE ISSUE
(2) PROPOSED AMENDMENTS TO THE ARTICLES
(3) RESIGNATION OF DIRECTORS AND
PROPOSED APPOINTMENT OF NEW INDEPENDENT
(4) APPOINTMENT OF NEW SUPERVISORS
PROPOSED A SHARE ISSUE
The Board is pleased to announce that at the Board meeting of the Company held on 4 January 2005, it was resolved that the Company shall apply to the relevant authorities in the PRC for the allotment and issue of not more than 280 million A Shares to institutional and public investors in the PRC and such A Shares are proposed to be listed on the Shanghai Stock Exchange.
It is intended that the net proceeds from the A Share Issue would not exceed RMB1,500 million which are intended to be used for the construction of a production line for soda ash and three glass production lines, details of which are set out below in this announcement. The A Share Issue is subject to approvals from (a) Shareholders to be sought at separate Class Meetings and the EGM; and (b) the relevant PRC authorities.
280 million A Shares represent approximately 48.38% of the existing issued share capital of the Company and approximately 32.61% of the enlarged issued share capital of the Company immediately after completion of the proposed A Share Issue.