The AGM of Salam International Endorses the Items on Its Agenda

April 02, 2019

Salam International Investment Ltd. (SIIL) announced the results of its Ordinary and Extraordinary General Assembly meetings held on Monday, 1 April 2019. The assembly examined all items listed on its agenda and issued the following resolutions:

Ordinary General Assembly meeting:

1-      The Board’s Report and Future Plans:

The General Assembly approved the Board’s report on the Company’s performance and financial position for the year ended on 31 December 2018, in addition to future plans.

2-      Auditors’ Report and Consolidated Financial Statements:

The Assembly approved the auditors’ report by KPMG detailing the company’s consolidated balance sheets and profit/loss statement for the year ended 31 December 2018, that showed a net loss of QR 99.4 million. The Assembly decided not to distribute any dividends for the year 2018.

Furthermore, the General Assembly approved the external auditor’s report on the company’s consolidated financial statements in addition to 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:

Based on the approval of the financial statements and auditor’s reports, the Assembly decided to absolve the Board members for the financial year ended 31 December 2018, and approved the disbursement of their remuneration.

4-      Appointment of Auditors for 2019:

After reviewing the offers from international auditing firms licensed by the Qatar Financial Markets Authority, and with the recommendation of the Board of Directors, the General Assembly decided to appoint KPMG as the Company's Auditors for 2019.

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

The General Assembly 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 in and out of Qatar and compile and reschedule loans.

6-      Annual Corporate Governance Report (2018):

The Assembly viewed the content of the seventh (2018) annual corporate governance report and approved it accordingly.

7-      Joint Ventures with Salam Bounian:

The General Assembly 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.

Extraordinary Meeting of the General Assembly:

The Assembly approved the amendment of the nominal value of the share from 10 Qatari Riyals to 1 Qatari Riyal, and the amendment of the related articles in the bylaws and the Articles of Association. 

The Board of Directors held its meeting on Monday 01/04/2019 to follow up on the implementation of previous resolutions, continued evaluations of the company’s current projects and execution of the subsidiaries and business units’ plans.