Today,  on  6  May 2004, extraordinary general meeting of PJSC Grindeks

shareholders opened on 10 February 2004 was continued. This meeting was

postponed on 10 February 2004 and 27 February 2004.

In the general meeting shareholders were informed that Grindeks has not

received an answer from Latvian Privatisation Agency (LPA) to its claim

toward  earlier  decisions of LPA regarding the issue of capitalisation

of  the  loan  of  International Bank of Reconstruction and Development

issued  to  Grindeks  ,  and  a request to eliminate inconsistencies in

these  decisions with the valid legislation. Consequently, shareholders

could  not  review  issue  of increase of the Grindeks share capital in

this general meeting.

Shareholders  took  a  decision  to  close  this  extraordinary general

meeting of shareholders. This decision was based on the above-explained

conditions  as  well  as  claims  from  minor  shareholders that due to

postponing  the  general meeting of shareholders since 10 February 2004

it  is  not  possible  to  execute  trading  with the shares of initial

registry  and  those  which  have  been  blocked  for the meeting. If a

positive  answer  from  LPA  is  received,  a new extraordinary general

meeting  of shareholders will be convened to review the issue regarding

increase of the Grindeks share capital.

In  response  to  the question asked by shareholders regarding usage of

the  profit  of  2003,  Valdis  Jakobsons, the Chairman of the Board of

Grindeks  ,  said:  "The board will propose investing the profit in the

development of the company. This is necessary because we are now in the

European  Union  (EU) and the company's operations needs to comply with

the EU requirements".

V.Jakobsons also informed shareholders that ordinary general meeting of

Grindeks  shareholders  to  review results of 2003 could be convened in

June  2004. This meeting will be announced in accordance with the legal

procedures.



Information prepared by:

Jana Semerikova,

Head of the Public Relations Section of PJSC Grindeks

Tel.: 7083448;

E-mail: jana_semerikova@grindeks.lv