Home    |    Sitemap    |    Chinese Edition          »search 

 


back to list

Resolutions of the 19th Meeting of the Fifth Session of the Board of Directors

The Company and all members of the board of directors warrant that the information contained in this announcement is truthful, accurate and complete, and jointly accept full responsibility for any false presentations or misleading statements contained in, or material omissions from, this announcement.

 

 

The directors were informed on the convening of the 19th meeting of the fifth session of the board of directors of Sinopec Shanghai Petrochemical Company Limited (the “Company”) (the “Meeting”) via facsimile and mail on 12 April 2007. The Meeting was held on 26 April 2007 by means of correspondence. Of the 12 directors entitled to attend the Meeting, 12 of them attended the Meeting. Supervisory Committee members and the senior management of the Company attended the Meeting. The Meeting complied with the requirements of the PRC Company Law and the articles of association of the Company. Mr. Rong Guangdao, Chairman of the Company, presided over the Meeting. The Meeting considered and approved the following resolutions: 

 

Resolution 1   The 2007 first quarterly report; the authorization given to the secretary to the board of directors (the “Board”) to submit the report to the Shanghai Stock Exchange, The Stock Exchange of Hong Kong Limited and the New York Stock Exchange; and the announcement of the first quarterly report after 4:15 p.m. on 26 April 2007 and the publication of the report in designated newspapers of Hong Kong and Shanghai on 27 April 2007 were considered and approved (with 12 votes in favor, 0 vote against, 0 abstention); 

 

Compared to the first quarter of 2006, the crude oil processing cost of the Group decreased in the first quarter of 2007. Meanwhile, the selling prices of most products increased. Accordingly, there was a significant growth in its overall 2007 first quarterly results as compared to the same period last year. The Board estimates that under the PRC Accounting Rules and Regulations, the net profit of the Group for the six months ending 30 June 2007 will turn from a net loss to a net profit as compared to same period last year (for the six months ended 30 June 2006, the net profit of the Group in accordance with the PRC Accounting Rules and Regulations was RMB-27,560). 

 

Resolution 2   The submission of the 20-F to the Securities and Exchange Commission of the USA and the submission of the relevant information in respect of the Board meeting to the New York Stock Exchange were considered and approved (with 12 votes in favor, 0 vote against, 0 abstention); 

 

Resolution 3   The amendments to the accounting policies and adjustments to the accounting estimates of the Company were considered and approved (with 12 votes in favor, 0 vote against, 0 abstention);

 

Pursuant to relevant regulations including the “Accounting Standards for Enterprises” announced by the PRC Ministry of Finance on 15 February 2006 and with reference to the actual situation of the Company, the Company has amended its existing major accounting policies as the basis and principles of the Company’s accounting work. 

 

Resolution 4   The amendment to the relevant article of the Articles of Association of the Company was considered and approved (with 12 votes in favor, 0 vote against, 0 abstention); 

 

Details of the resolution are as follows:

 

Article 12 of the Articles of Association stipulates that:

 

“The Company’s scope of business shall be based on the projects approved by the Company’s registration authorities.

 

The Company’s scope of business includes: crude oil processing, oil products, petrochemical products, synthetic fibres and monomers, plastics and plastic products, raw materials and products for knitting, catalyst preparation and spent solvent reclamation, supply of electricity, heat energy, water and gas, water processing, loading and unloading on railways, river transport, terminals, storage, design, research and development, “Four Technologies” services.”

 

The article is proposed to be amended as follows:

 

“The Company’s scope of business shall be based on the projects approved by the Company’s registration authorities.

 

The Company’s scope of business includes: crude oil processing, oil products, petrochemical products, synthetic fibres and monomers, plastics and plastic products, raw materials and products for knitting, catalyst preparation and spent solvent reclamation, supply of electricity, heat energy, water and gas, water processing, loading and unloading on railways, river transport, terminals, storage, design, research and development, “Four Technologies” services, property management, leasing, education, media, advertisement production, advertisement pubblication.”

 

Resolution 5   2006 Annual General Meeting to be held at 9:00a.m. at Pine City Hotel,

8 Dongan Road, Shanghai
on 19 June 2007 was considered and approved (with 12 votes in favor, 0 vote against, 0 abstention). 

 

The notice of Annual General Meeting will be published later. 

 

Resolution 6   The mandate to authorise the President to sell, when the opportunity arises, no more than 50% of the shares of Shanghai Pudong Development Bank Co., Ltd. (“Pudong Development Bank”) held by the Company within year 2007 was approved (with 12 votes in favor, 0 vote against, 0 abstention). 

 

The Company holds an aggregate of 20,485,075 shares in Pudong Development Bank with a book value of RMB15,000,000. Such shares represent 0.52% of the total share capital of Pudong Development Bank and will become available for listing and circulation by May 2007.

 

Sinopec Shanghai Petrochemical Company Limited

 

Shanghai, the PRC, 26 April 2007

 

As at the date of this announcement, the executive directors of the Company are Rong Guangdao, Du Chongjun, Han Zhihao, Shi Wei, Li Honggen and Dai Jinbao; the non-executive directors of the Company are Lei Dianwu and Xiang Hanyin, and the independent non-executive directors of the Company are Chen Xinyuan, Sun Chiping, Jiang Zhiquan and Zhou Yunnong.  

SPC

© 2018 - SINOPEC SHANGHAI PETROCHEMICAL COMPANY LIMITED - All Rights Reserved    |    Legal Notice