Announcement on Resolution of the 2nd Session of the 3rd Board of Supervisors Meeting of Shanghai Worldbest Co., Ltd.
The 2nd Session of the 3rd Board of Supervisors Meeting of Shanghai Worldbest Co., Ltd. was held in the meeting room of the Company on April 18 , 2003. All of the seven supervisors attended the Meeting. The Meeting reviewed and passed the following proposals:
1. 2002 Working Report of Board of Supervisors
2. 2002 Fnancial Rport and 2003 Financial Budget of the Company
3. 2002 Profit Distribution Plan
4. 2002 Annual Report and Summary
5. 2003 First Quarter Report
The Board of Supervisors believed that the 2002 Annual Report and Summary truly reflected the financial situation and business achievements of the Company in 2002 . In 2002, the Company can operate in accordance with the regulations of the Company Law ,the Securities Law and the Articles of Association . The Board of Supervisors didn’t find behaviors of directors and senior management illegal or infringing upon the interest of the Company when they fulfilled their duties. Within the reporting period, the related-party transactions of the Company were fair, and there was no behavior infringing the Company or the interest of shareholders. The first quarter report of 2003 of the Company objectively reflected the business situation of the Company in the first quarter.
6. The proposal of Anhui Worldbest Biopharmaceutical Co., Ltd. ’s investment to purchase the shares of Shanghai Worldbest Changfu Pharmaceutical (Group) Co., Ltd. and transferring the ownership of part of the assets.
7. The proposal of co-establishing China Worldbest Life Industry Co., Ltd. with all of its equities of Shanghai Worldbest Life Science Research and Development Co., Ltd. and Suzhou Worldbest Agro-Biochemical Co.,Ltd.
The aforesaid two proposals of related party transaction shall be approved by the Shareholders’ Meeting before implementation. The board of supervisors believed these two transactions’ prices are fair, the transactions are equitable and reasonable and do not jeopardize the rights of non-related shareholders, and the transactions are beneficial to the long-term development of the Company .
Hereby announced
Board of Directors of Shanghai Worldbest Co., Ltd.
2003/4/18
14/05/2003
Advise: The site
is best view with Internet Explorer 5.0 or Netscape 4.0.
