Salam International Investment Ltd QSC : Press Statement SIIL Ordinary And Extra-Ordinary General Assembly Meeting Resolutions

The General Assembly of Salam International Investment LTD (SIIL) held its Ordinary and Extra-Ordinary Meeting on Sunday February 19/2012, with the required quorum, to examine all subjects listed on its agenda and issued the following resolutions:

1 - The Board's report and future plans

The General Assembly heard and approved the Board's report with regard to the Company's performance and financial position for the year ending on December 31/2011, as well as the future plans and the persistence of SIIL trading suspension at Qatar Exchange.

2 - 2011 consolidated financial statements and auditors' report

The General Assembly heard and approved the independent auditors' report (KPMG) detailing the company's consolidated balance sheet and profit & loss statement for the year ending December 31/2011 together with the corresponding explanatory notes.  

These statements showed QR 159.6 million worth of net profit and a consequent QR 1, 53 worth of earning per share.

Moreover, the General Assembly approved the disclosure statement on the indirect ownership and control interest in various subsidiaries that operate outside Qatar. It is worth noting that the Company has been reporting this disclosure on regular basis since 2002.

3 - 2011 dividends

The General Assembly approved the Board recommendation with regard to the dividend distribution worth of 20% of the paid-up capital to be distributed as follows:

-         10% worth of cash dividends

-         10% worth of bonus shares

 These would be disbursed to the Company's shareholders as on February 19/2012, date of the General Assembly Meeting providing that the Extra- Ordinary General Assembly duly approbates the distribution of bonus shares and the capital increase.

4 - Clearance to the Company's Board members

The General Assembly decided to give clearance to the Board members for the year ending on December 31/2011 and approved the disbursement of their bonuses.

5 - Appointment of Auditors for 2012.

The General assembly decided to appoint Deloitte & Touche as SIIL auditors for 2012 and authorized the Board to determine their fees.

6 - Empowerment to SIIL Board

The General Assembly approved the renewal of the authorization granted to the Board of Directors in connection with purchasing, selling, renting, and mortgaging the Company's assets as well as arranging loans deemed necessary to run and finance the company's and its subsidiaries' projects.

7 - Corporate governance annual report

The General Assembly got acquainted with the content of the annual (2011) corporate governance report and approved it accordingly.

8 - Election of a new Board

 The General Assembly elected a new Board for a period of three years (2012-2014) as follows:

1. Mr. Issa Abdulsalam Abu Issa  
2. Mr. Hussam Abdulsalam Abu Issa  
3. Doha Insurance Company represented by HE Sheikh Nawaf Bin Nasser Al Thani
4. Arab Jordan Investment Bank represented by Mr. Hani Abd-el-Kader Al Kadi
5. Mr. Nasser Suleiman Haider
6. Mr. Bassam Abdul Salam Abu Issa
7. Ali Bin Ghanem Al Thani Group represented by HE Sheikh Ali Bin Ghanem Al Thani
8. Mr. Badr Ali Al Sada
9.  Mr. Abdul Salam Issa Abu Issa
10.  Mr. Jassim Mohammed AbdulGhani Al Mansouri
11.  Suleiman Brothers represented by Ali Haider Suleiman Al Haider

SIIL Extra-Ordinary General Assembly

Following the debates conclusion of all issues scheduled on the Ordinary General Assembly Agenda, the Extra-Ordinary General Assembly started its session in quorum and issued the following resolutions:

1. 1.     Dividend distribution

Distribution of 10% bonus shares i.e. one share against each 10 shares held by the Company's shareholders on the meeting date.

1. 2.     Capital Increase

Approve a capital increase tantamount to 10% of QR 1,039,223,520 to reach QR 1,143,145,870 and amend article (7) of the Company's bylaws accordingly.

1. 3.     Fractional Shares waiver

The Extra-Ordinary General Assembly agreed to expressly waive its right, in favor of the Company, to receive any fractional shares resulting from the distribution of bonus shares, and empowered the Board over the accounts of fractional shares holders.

Dr. Adnan Ali Steitieh

Executive Director

Secretary of the Board of Directors 

Note:  

This text has been translated from its original Arabic equivalent, which remains the official version.