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.
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