On   November   10,   2003  JSC  "Grindeks"  daughter  company  Tallinn

Pharmaceutical  Plant  (TTP) conducted an extraordinary general meeting

of  shareholders  with  the  purpose  to  review  the  agreements  with

"Grindeks".



The  meeting  approved  amendments  to  the  licence  agreement between

"Grindeks" and TPP: "Grindeks" provides EUR 852,436 to TPP to pay for a

loan  at  Sampo  bank;  the  amount  payable by "Grindeks" to TTP to be

offset by the same amount.



The  meeting  resolved  on signing an agreement with the parent company

with  regard  to  selling  it  intellectual  property and technological

information.  Draft agreement provides for investment of USD 938,920 in

TPP  ,  namely,  buying  two brands - Cyclodol and Nifetard; as well as

technological information on a number of other brands.



The  resolutions  passed  by  the  shareholders' meeting are needed for

aligning  the  relations  between  "Grindeks" and its daughter company,

providing  for  investment  to specialize TPP in ointment manufacturing

following Good Manufacturing Practice.



Currently  "Grindeks"  has started considering the possibility to offer

share buyout to TPP minority shareholders.