Press Releases

12 May 2009

The results of SIIL Board of Directors' Meeting held on 12/05/2009

The Board of Directors (BOD) of Salam International Investment Limited (SIIL) held its Ordinary 64th meeting on Tuesday, 12/05/2009 and passed the following resolutions:

1. Increase SIIL’s share in SBD :

The BOD recommended to the General Assembly (GA) to approve increase of SIIL’s share in Salam Bounian for Development (SBD) to reach 50% or more of the paid up capital, and authorize the Board to subscribe in any capital increase, whether by precedence or allocation, and /or purchase of shares from shareholders offering their shares for sale, and determine the prices, time and conditions of purchase as BOD deemed appropriate and according to announced and transparent method.

2. Guarantee of Qatar Islamic Bank loan granted to SBD
The BOD recommended the GA:

- to approve SIIL's guarantee to the loan of QR 206 million that will be granted by Qatar Islamic Bank to SBD, and to loans or banking facilities that have been granted to SBD or may be obtained in the future to finance the joint ventures.
- - authorized the BOD to issue letters of guarantee and take all necessary procedures to guarantee these loans and banking facilities.

3. Loan commitments and mortgage of the company's properties
The BOD recommended the GA to approve authorizing the Board to issue loan commitments, and letters of guarantee including sale or mortgage of the company's properties to obtain loans and banking facilities in order to seize investment opportunities and finance the company's projects and its subsidiaries, and to take all necessary official and financial procedures in this regard.

4. New plant for Qatar German switchgears Company (QGC)
The BOD has primarily approved to allocate bugdet of QR 30 million to develop the new plant of the subsidiary (QGC). It is worth mentioning that QGC is licensed by Siemens and specialized in the manufacture of electrical industrial panels and switchgrears for electricity sub- stations,

5. Owning a share in technical services company:
The BOD approved to own a share in small size company that provides technical services, in participation with foreign partner, the British Company RBG.

6. Increase participation in Aluminum Extrusion Company:
The BOD approved to increase SIIL share in Aluminum Extrusion Company by an additional amount of QR 5 million.

7. Increase participation in Voltamp Company:
The BOD approved to increase SIIL's participation in Voltamp Company for manufacturing of electrical transformers, in order to expand the company's activities and purchase new equipments and machinery.

8. Selling the company's share in Al Shama'a
The BOD resolved to sell SIIL share in Al Shama'a Ready Mix Co.

It is worth mentioning that some of above projects are subject to the approval of the Company's General Assembly. The Company may not proceed forward in any of other projects, according to future developments, and for justified reasons to protect the interests of the company and its shareholders. SIIL emphasizes that this should be taken into consideration by both shareholders and interested investors.

Dr. Adnan Steitieh
Secretary Board of Director