Press Releases

24 September 2007

Salam International Limited Board Meeting held on 25.09.2007

Board of directors held its meeting on Tuesday 25.09.2007 to discuss the board’s agenda & took appropriate decisions as follow:

First: Purchase Salam Bounian Shares:
The Board of directors approved purchasing the offered shares by Salam Bounian for Development (SBD) founders-shareholders who are willing to sell their shares, in accordance to the terms and conditions stated in Salam International (SIIL) offer which was previously announced. The total number of the offered shares is around 6.5 million shares compared to SIIL offer of 10 million shares.

SIIL will buy the offered shares on one batch, except the shares offered by board members and their subsidiaries. The remaining shares offered by the shareholders will be directly purchased and payments will be made after the completion of the procedures and documentation of the sales contracts.

To avoid any possible conflict of interests and implementing of disclosure, transparency and equal opportunities principles, and based on article 108 of the commercial companies law no: 5, 2002, the board decided to invite the general assembly for an ordinary meeting, to be held on 21.10.2007, to approve purchasing the shares offered by some of the board members or their subsidiaries. Moreover, said shares to be purchased on the same terms & conditions of the others shareholders who were willing to sell their shares.

As SIIL being a public shareholder company, all its deals are subject to transparency, disclosure and equal opportunities principles, and approval of the competent authorities. Therefore, Salam International may hold this deal if any competent authorities request so.

Second: Investment opportunities:

A) Investment Fund:
The Board initially approved establishment of an investment fund to be specialized in technology and new inventions in cooperation with a British institution and assigning a specialized team to prepare the required studies & submit a report in a coming meeting to take final decision.

B) Increase participation in Ready Mix Co.:
The Board approved to increase SIIL participation percentage in Ready
Mix Co. which the company previously invested in & announced earlier.

C) Meta Coat Branch:
The Board approved the establishment of a new branch under the name “Meta Coat” specialized in metal coating powder and trading of iron and aluminum products.
It is worth noting, that some of the above mentioned projects are primarily approved. The company may decide not to continue some of these projects depending on future developments in order to protect company’s and shareholder’s interests. The company emphasizes that these facts should be taken into consideration by both shareholders and interested invest.