Press Releases

20 October 2005

Ministry Approves Extraordinary Assembly for Merger Approval

The Ministry of Economy and Commerce has granted Salam International Investment Limited (SIIL) approval to call an extraordinary general meeting (EGM) to approve the merger of Salam Group and its subsidiaries into SIIL.

Over the coming few days, an invitation to attend the extraordinary general meeting will be announced. The EGM will deal with the issue of the merger of Salam Group and its subsidiaries, will seek approval for assigning the fair value of the merged companies and will seek approval for the issuance of new shares and increasing the company’s capital by the nominal value of the newly issued shares.

Salam Group is currently a holding entity for the following companies with operations in various countries. These include;

Salam Studio & Stores LLC, Qatar
Salam Studio & Stores LLC, UAE
Salam Studio & Stores LLC, Oman
Salam Trading Enterprises, Jordan
Salam Arabia Trading Establishment, Kuwait
     
Salam Group owns and operates exclusive department stores that retail high quality international brands of perfumes, cosmetics and fashion apparel. It also retails high quality photography equipment and home furnishings amongst others items. Salam Group’s portfolio also comprises a real estate development situated at the prestigious West Bay area of Doha. The company has also gained the necessary permissions for the development of the estate for the purposes of establishing a massive commercial and retail multi-use property. Work on this illustrious project has already commenced with the finalisation of the initial designs. Ground breaking is expected to commence within six months.

The merger of the two companies is a strategic move that will bolster the commercial activities of SIIL by adding a strong retail arm that has, over its 53 years, been a successful model of retailing and trading.