Following its special shareholder meeting held in Auckland, New Zealand yesterday, Richina Pacific has confirmed that it is to relocate it place of incorporation to Bermuda. (See leatherbiz.com story, Richina looks to move to Bermuda - 21.11).

The company also announced plans to expand and upgrade facilities at its Shanghai leather operation, creating one of the biggest tanneries in the world. When fully operational, the facility will be capable of producing more than 180 million square feet of leather, compared with its current capacity of 65 million.

The firm is currently in the process of constructing a fourth tannery building and production line at the site. The facility will be equipped with newly developed tanning drums capable of processing 20,000 kilograms per load – four times the capacity of the existing drums. Full operational capability is expected early 2005.

During the meeting, acting chairman, Richard Yan, also said the firm expects to meet, or marginally exceed, its profit forecast of NZ$4 million ($2.6 million) for 2003. Looking forward, he said performance for 2004 is expected to be even stronger.

Shareholders were advised the future initiatives include relocating the company’s headquarters to Singapore and listing the firm on the Singapore Stock Exchange. The company will also become the first New Zealand company to report to the new International Accounting Standard (IAS), stating its results in US dollars.

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