(MENAFN- The Peninsula) The shareholders of Salam International Investment Limited (SIIL) yesterday gave approval to the Company to buy additional shares of Salam Bounian (a real estate subsidiary of SIIL) from willing shareholders to increase its stake up to 100 percent of Salam Bounian's capital (based on a new valuation).
They also authorised the Board to take all necessary executive procedures in this regard, including determining the purchasing terms and conditions.
The General Assembly (GA), which was held yesterday, also approved the renewal of the authorisation granted to the Board in connection with purchasing, selling, renting, and mortgaging the Company's and its subsidiaries' real estate assets.
In addition, to hold the loans, issue letters of credit and guarantees necessary to obtain bank facilities to run the company and its subsidiaries, finance their future projects and compile and reschedule loans.
The meeting also approved the Board of Directors' recommendation to distribute cash dividend of six percent (60 Dirhams per share) of the paid-up capital, for the financial year 2014.
The GA approved the renewal of its joint ventures and cooperation with Salam Bounian, including loans and guarantees of loans.
The meeting, chaired by Issa Abdulsalam Abu Issa, Chairman of SIIL Board, ratified the balance sheet and profit and loss statement for the financial year ending December 31, 2014 that showed a net profit of QR86.8m.
The meeting approved the independent auditors' report on the consolidated financial statements and approved the disclosures in the accompanying notes to the financial statements, including disclosures related to the subsidiaries and their loans.
It appointed KPMG as SIIL's auditors for 2015.
The new members of the SIIL Board of Directors who have been elected for a three-year term include: Issa Abdulsalam Abu Issa (Chairman and CEO; Hussam Abdulsalam Abu Issa (Vice Chairman and COO); Doha Insurance Company (represented by Sheikh Nawaf bin Nasser bin Khalid Al Thani); Nasser Suleiman Haidar Mohammed Al Haidar; Arab Jordan Investment Bank (represented by Hani Abdelkader Al Kadi); Bassam Abdulsalam Abu Issa; Suleiman and Bothers (represented by Ali Haidar Suleiman Al Haidar); Ali bin Ghanem Al Thani Group (represented by Sheikh Ali bin Ghanim Al Thani); Jassim Mohammed Abdulghani Al Mansouri and Badr Ali Al Sada.
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