Press Releases

26 November 2005

Salam Bounian Subscription

Reference is made to the private invitation issued to subscribe in the 30 million shares offered for the establishment of Salam Bounian Development Company (privately owned Qatari shareholding company) where the priority is given to Salam International shareholders as per the subscription terms and conditions.

It is to be announced that 1093 shareholders in Salam International have exercised their right and subscribed in Salam Bounian Development Company as founders of the Company where the total subscription value reached Qr. 333,625,000 (Qatari Riyals three hundred thirty three million six hundred twenty five 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 equal to 127% of 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 in 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.