Press Releases

12 November 2005

Salam announced the preliminary results of participation in the establishment of Salam Bounian Development Company

Salam announced that 1093 shareholders in Salam International have exercised the option and subscribed in Salam Bounian Development Company as founders of the Company where the total subscription value reached Qr. 333,514,000 (Qatari Riyals three hundred thirty three million five hundred fourteen thousand only).

Therefore, the Founding Committee announces that it regretfully will not accept any subscription from non-Salam International shareholder.

In accordance with the terms and conditions of the invitation for subscription, the requested shares by the participating Salam International shareholders will be allotted as follows:

  • A minimum of 2000 shares for each subscribing founder from Salam International shareholder as have been announced by the Company earlier.
  • A further allotment of shares in proportion to the number of Salam International shares owned by the subscribing founder on 23/10/2005
  • Another allotment of shares equal to 82% for the balance remaining from the above two allotments

It is rather expected that each of the Salam International shareholders who subscribed in a minimum of 10,000 shares as a founder in Salam Bounian Development Company shall receive not less than 8500 shares in the same Company.

The final and accurate allotments shall be announced to public after the completion of the auditing of all the applications and each subscriber will officially receive the number of share allotted to him from the Founding Committee accordingly.

It is worth mentioning that the subscriptions in capital increase still going on till 12 December 2005 for the shareholders, who own Salam shares on 23rd October 2005 with a right issue of 48.5% of owned shares.