Salam International's AGM Endorses Agenda, Approves Distribution of 8% Cash Dividends

 

February 27, 2017

 

The General Assembly of Salam International Investment Ltd. (SIIL) held its Ordinary Meeting on Sunday 26nd of February 2017, with the required legal quorum, to examine all items listed on its agenda and issued the following resolutions:

 

1 – The Board’s Report and Future Plans:

 

The GA approved the Board’s report on the Company’s performance and financial position for the year ending on 31st December 2016, in addition to future plans.

 

2 – Auditors’ Report and Consolidated Financial Statements:

The GA approved the auditors’ report by KPMG detailing the company’s consolidated balance sheets and profit & loss statement for the year ending 31st December 2016 that showed a net profit of QR 119.7 million.

 

Furthermore, the GA approved the disclosures in the accompanying notes to the financial statements, including disclosures related to SIIL’s subsidiaries and loans.

 

3 –Absolve the Company’s Board Members and Disbursement of Remuneration:-

Based on the approval of the financial statements and auditor’s reports, the GA decided to absolve the Board members for the financial year ending 31st December 2016 and approved the disbursement of their remuneration.

 

4 – 2016 Dividends Distributions:-

 

GA approved the Board’s recommendation to distribute cash dividends of 8% (for 2016) of the paid-up capital in favor of the company’s registered shareholders as on the date of the General Assembly meeting, February 26, 2017, where 80 Dirhams (QR 0.80) will be distributed per share.

 

5 – Appointment of Auditors for 2017:-

 

GA decided to appoint KPMG as SIIL’s auditors for 2017.

6 –Authorization Granting the Board Control over the Company’s Real Estate and Loan Contracts:-

 

The GA approved the renewal of the authorization granted to the Board in connection with purchasing, selling, renting, and mortgaging the Company’s and its subsidiaries’ real estate assets. In addition, to hold the loans, issue letters of credit and guarantees necessary to obtain bank facilities in order to run the company and its subsidiaries’, finance their future projects and compile & reschedule loans. In addition to, authorizing the Chairman of the Board to grant power of attorney to a Board member or Executive Director of the Company whether jointly or separately to execute the above resolution on real estate and loans.

7 –Annual Corporate Governance Report (2016):-

 

The GA got acquainted with the content of the seventh (2016) annual corporate governance report and approved it accordingly.

 

8 – Joint Ventures with Salam Bounian:-

The GA approved the renewal of its joint venture agreements with Salam Bounian, where authorizing the Board to enter into joint ventures with the sister company in addition to holding their loans and issuing letters of credit and guarantees where necessary.