Press Releases

08 May 2007

Salam International Limited Board Meeting

Board of Directors held its meeting on Wednesday 09/05/2007 to discuss the board's agenda and took appropriate decisions as follow:

1- Increase Participation in sister company Salam Bounian for Development:
The board approved increasing the company's participation shares in sister company Salam Bounian through purchasing (10,000,000) ten million shares on several batches according to transparent & declared system, that includes conditions, prices and duration of purchasing. Salam Bounian will be advised of the purchasing decision and its conditions in order to announce to its shareholders.

2- Participation in establishing a company specializing in Hotel and Tourism Services:
The Board initially approved establishing a company specializing in hotel and tourism services with sister company Salam Bounian. The company specializes in hotel and tourism investments and services related thereto. The new company represents a new form of strategic partnership between Salam International and Salam Bounian to enable the parties to seize growth opportunities due to the economic boom that Qatar is witnessing now.

3- Salam Media Cast - Oman capital raise:
The board approved to raise capital of its subsidiary company Salam Media Cast – Oman, in order to raise its classification to a higher level that qualifies it to participate in large tenders and to enable it to execute its ambitious plans.

4- International Finance House - Canada Participation:
The board approved participation in the private placement of International Finance House (IFH). IFH is a financial institution specializing in banking activities, real estate investment and leasing business according to sharia compliance. IFH will operate its activities in the most dynamic provinces in Canada.

5- Establishment of Logistic Services Company:
The board approved establishing a Logistic Services Company specializing in providing logistic and management services to the company, its subsidiaries and others.

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 and shareholder interests. The company emphasizes that this should be taken into consideration by shareholders and investors.