Press Releases

26 October 2005

SIIL Gets Merger Approval and Trading Shares Resumed

Salam International has just received the approval from the Ministry of Economy & Commerce in validating the resolutions of the recent Extraordinary General Assembly held on October 26, 2005 that concern the merger of Salam Group and its subsidiaries into Salam International Investment Limited as of 01/04/2005 and the approval to restore trading of the Salam International shares at the value of the existing company capital.

The company also received an approval from the Doha Securities Market management to restore trading of the company’s shares as of Monday October 31, 2005.

Based on the resolutions of the Extraordinary General Assembly, subscription for the new shares will be open to the company’s existing shareholders (as at close of trading at the Doha Securities Market on Sunday 23/10/2005) excluding shareholders that are owners of the merging companies with the allowable percentage for subscription equal to approximately 48% of the number of shares already owned by the investor. Subscription is expected to commence on the morning of Sunday November 13. The company will shortly announce to shareholders, in the local newspapers, the terms and conditions to participate in increasing the company’s capital.