Press Releases

27 February 2011

Press Release on Ordinary and Extraordinary General Assembly of Salam International Investment Limited

Ordinary General Assembly 

 

Salam International Ordinary General Assembly (GA) was held on Monday 28/02/2011, and discussed the following agenda:

 

First: Board of Directors' report and future plans;

The GA approved the Board of Director's (BOD) report on the Company's activities, financial results for the year ended 31/12/2010, and the Company’s future plans.

 

Second: Independent auditors' report and consolidated financial statements:

The GA heard the independent auditors report of Messrs KPMG on Company’s Balance Sheet and Income Statement for the financial year ended 31/12/2010. Thereafter, GA discussed and approved Company's consolidated financial statements, Balance Sheet and Income Statement for the financial year ended 31/12/2010, which showed a Net Profit around QR 141.2 million compared to 2009 year’s net profits of QR 131 million, this shows net profit increased by 7.7 compared to the net profits of 2009. Shareholders’ equity arising from such net profits increased from QR 128.9 million in 2009 to QR 140.3 million in 2010 by 8.8%. Therefore, earning per share becomes QR 1.42 per share compared to QR 1.30 per share in 2009, at a rate of increase of 9.2 %    furthermore, the GA approved the independent auditors report on the Company’s consolidated financial statements. Also, the GA approved the notes mentioned in the clarifications attached to the financial statements including the disclosure on the  indirect ownership of some shares of subsidiaries operating outside Qatar, it is worth mentioning that said disclosures are a repeated since 2002.

 

Third:  2010 Dividend distribution:

The GA approved the distribution of the recommended dividend by the BOD and decided to distribute 15% of the paid up capital as follows: 10% cash dividends, 5% bonus shares to shareholders registered as of the date of the GA.

 

Forth: Absolving BOD members from responsibility and approving their remuneration:

The GA approved absolving the BOD members from responsibility for the financial year ended 31/12/2010, and approved their remuneration.

 

Fifth: Appointing external auditors for year 2010:

The GA approved the appointment of KPMG as the Company’s independent auditors for the financial year 2011, and authorized the BOD to determine their fees.

 

Sixth: Approving the acquisition of 80% equity’s subsidiary Salam Media Cast by strategic partner Ghanim Bin Saad Al Saad & sons Holding Group .

The GA approved the entry of the strategic partner Messrs Ghanim Bin Saad Al Saad & Sons Holding Group as a partner in the Company’s subsidiary Salam Media Cast by acquiring 80% of its capital. The GA approved also to authorize the BOD to accept new strategic partners in any subsidiaries, or to exit from it, or merging in other companies, whether owned or not by SIIL, or dividing into two or more companies in compliance with the provisions of laws and related regulating rules. 

 

 

Extraordinary General Assembly

Upon conclusion of the GA’s agenda, the Extra-Ordinary General Assembly (EGA) commenced its affairs, and made the following decisions:

 

First: Dividend Distribution

The EGA approved the BOD’s recommendation to distribute 5% of the paid up capital as bonus shares,  i.e 1 share for every 20 shares owned, to shareholders registered as of the date of EGA .

 

Second: Capital Increase

The EGA approved the increase of the paid up capital by 5% from QR 989,736,690 to QR 1,039,223,520 and approved amending article (7) of the company’s bylaw accordingly by increasing the paid up capital to QR 1,039,223,520.

Third : Waiving the rights of shares fractions

The EGA approved waiving shares fractions right resulted from the distribution of bonus shares, and authorized the BOD to take the appropriate action concerning the mentioned shares fractions.

 

 

Dr. Adnan A. Steitieh

Secretary of the Board of Directors

 

 

Note: This text has been translated from its original Arabic equivalent,

This remains the official version