Some of the directors of Salam International Investment Limited during their meeting.
DOHA: The Board of Directors (BOD) of Salam International Investment Limited (SIIL) approved in principle the total acquisition of shares of Salam Bounian, and to increase the company’s capital in kind at the fair value of the Salam Bounian. It also approved to issue new shares against the shares in kind.
An Evaluator will be appointed to evaluate the two companies, in agreement between both companies.
The BOD also decided to submit to court to appoint an expert to verify whether these shares were properly evaluated, in accordance with the provisions of Article 158 of the Commercial Companies Law No 5 of 2002.
The BOD expressed its serious concern over Qatar Finance and Marketing Authority’s (QFMA) decision to repeatedly suspend trading of the company’s shares. The Board noted that the QFMA had suspended the share trade for a third time without citing adequate reasons.
The suspension of the trading for a prolonged period will be against the rights and interests of the shareholders and would undermine the confidence in the company; the Board noted stating that the QFMA’s decision is unjustifiable.
The BOD noted that the company published the text of court decision in question and all previous judgments in the same case, on the Qatar Exchange website, and on the company website, to provide a chance for interested investors and shareholders to be aware of company’s disclosure on the new judgment of new Court of Appeal, and in accordance with the principles of transparency and disclosure adopted by the company.
The Peninsula
