Salam General Assembly Approves Agenda and
Appoints Mr. Issa Abdulsalam Abu Issa as CEO
February 27, 2018
Salam International Investment Limited
announced the results of its Ordinary General Assembly meeting
held on Monday 26 February 2018. The Assembly discussed the
items on its agenda and made the following decisions:
First: Board of Directors’ report
and future plans:
The General Assembly approved the Board of
Directors' report on the company's activity, its financial
position for the financial year ended 31 December 2017, and its
future plans.
Second: Auditors' Report and
Consolidated Financial Statements:
After the General Assembly heard the report
of the Auditors, Messrs. KPMG, on the company's balance sheet
and profit and loss account for the financial year ended
31/12/2017, the General Assembly approved the financial
statements, which showed a net loss of about QR100.7 million,
and decide against the distribution of dividends for 2017.
The report of the Independent Auditors on the
company's consolidated financial statements was also approved by
the General Assembly. The General Assembly also approved the
disclosures in the explanations of the financial statements,
including the disclosures of subsidiaries and loans.
Third: Relieving Members of the
Board from Liability:
After the approval of the financial
statements and the auditors' report, the General Assembly
decided to relieve the members of the Board of Directors from
liability for the financial year ended on 31/12/2017.
Fourth: Appointment of Internal
Auditors for 2018:
After reviewing offers from international
audit offices licensed by the Qatar Financial Markets Authority,
and after considering the recommendation of the Board of
Directors, the General Assembly decided to re-appoint Messrs.
KPMG as the company's Auditors for the year 2018.
Fifth: Authorizing the Board of
Directors to handle real estate and contract loans:
The General Assembly extended its approval to
authorize the Board of Directors to handle the properties and
real estate investments owned by the company and its
subsidiaries in all aspects, such as the purchase, sale, leasing
and mortgage of such properties. This extension also enables the
Board sign loans, issue necessary letters of guarantee to obtain
banking facilities for the operations of the company and its
subsidiaries, to finance its current and future projects inside
and outside Qatar and to consolidate and reschedule loans.
Furthermore, the Assembly authorized the chairman of the Board
to delegate an executive, member or members of the Board to
implement the above tasks regarding real estate and loans.
Sixth: Annual Governance Report
2017:
The General Assembly was briefed on and
approved the Eighth Annual Governance Report (2017).
Seventh: Joint Projects with
Salam Bounian:
The General Assembly extended its approval to
the Board of Directors to enter into joint ventures with its
sister company Salam Bounian, sign loans with it and issue
assurances and letters of guarantee.
Eighth: Election of a new Board
of Directors:
The General Assembly elected a new Board of
Directors for the next three year tenor of 2018-2020, composed
of Messrs.:
-
Issa
Abdulsalam Mohamed Abu Issa.
-
Hossam
Abdulsalam Mohamed Abou issa.
-
Sheikh
Nawaf Nasser Ahmed Al Thani, Representative of Doha Insurance
Company.
-
Nasser
Sulaiman Haidar Mohammed Al-Haydar.
-
Hani
Abdulqader Al-Qadi, representative of Arab Jordan Investment
Bank.
-
Ali Bin
Ghanim Al Thani Group.
-
Ali
Haider Sulaiman Al Haidar, representative of Sulaiman Brothers
Company.
-
Jassem
Mohammed Abdulghani Al Mansouri.
-
Bassam
Abdulsalam Mohammed Abu Issa.
-
Abdulsalam Issa Abhu Issa
-
Bader Ali
Hussein Ali Al Sada.
The Board of Directors decided to appoint
Abdulsalam Issa Abu Issa as CEO.
Mr. Abu Issa holds a Master's Degree in
International Finance and Economics from the University of
Newcastle. Prior to joining Salam International, he worked in
several sectors, most important of which oil and gas, banking,
and roads construction.
Mr. Abu Issa joined Salam since 2012 and has
served as a Board Member and Deputy Chief Operating Officer.
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