07.04.2016, 07:19
THE AGM AND EGM OF SALAM ENDORSES ITEMS ON ITS AGENDA AND APPROVES THE DISTRIBUTION OF 10% CASH DIVIDEND
OREANDA-NEWS. Extraordinary Meetings on Tuesday 05th of April 2016, 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 2015, 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 2015 that showed a net profit of QR 123.9 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 2015 and approved the disbursement of their remuneration.
4 – 2015 Dividends Distributions:-
GA approved the Board’s recommendation to distribute cash dividend for 2015 of 10% of the paid-up capital in favor of the company’s shareholders as on the date of the General Assembly meeting, April 5, 2016, where one riyal (QR 1) will be distributed per share.
5 – Appointment of Auditors for 2016:-
GA decided to appoint KPMG as SIIL’s auditors for 2016.
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.
7 –Annual Corporate Governance Report (2015):-
The GA got acquainted with the content of the sixth (2015) 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 sister company Salam Bounian in addition to holding their loans and issuing letters of credit and guarantees where necessary.
The Extraordinary General Assembly:
The EGM adopted amendments on the Company’s Articles of Association in order to comply with the provisions of the Commercial Companies Law No. 11 of 2015 and corporate governance system adopted by the Qatar Financial Markets Authority.
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 2015, 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 2015 that showed a net profit of QR 123.9 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 2015 and approved the disbursement of their remuneration.
4 – 2015 Dividends Distributions:-
GA approved the Board’s recommendation to distribute cash dividend for 2015 of 10% of the paid-up capital in favor of the company’s shareholders as on the date of the General Assembly meeting, April 5, 2016, where one riyal (QR 1) will be distributed per share.
5 – Appointment of Auditors for 2016:-
GA decided to appoint KPMG as SIIL’s auditors for 2016.
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.
7 –Annual Corporate Governance Report (2015):-
The GA got acquainted with the content of the sixth (2015) 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 sister company Salam Bounian in addition to holding their loans and issuing letters of credit and guarantees where necessary.
The Extraordinary General Assembly:
The EGM adopted amendments on the Company’s Articles of Association in order to comply with the provisions of the Commercial Companies Law No. 11 of 2015 and corporate governance system adopted by the Qatar Financial Markets Authority.
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