11-03-2025
Salam International announces the results of the AGM and EGM. The meeting was held on 11/03/2025 and the following resolution were approved
Ordinary General Assembly:
First: Board of Directors' Report and Future Plans:
The General Assembly approved the Board of Directors’ report on the company’s activities, its statement of financial position for the fiscal year ending on December 31, 2024, and the company's future plans.
Second: Auditors' Report and Consolidated Financial Statements:
After listening to the report of the auditors, M/s KPMG, on the company’s balance sheet and profit & loss statement for the fiscal year ending on 31/12/2024, the General Assembly approved the mentioned financial statements, which showed a net profit of QAR 54.9 million, of which Salam International Investment Limited’s share amounted to QAR 51.3 million.
The General Assembly also approved the independent auditors' report on the company's consolidated financial statements. Additionally, it ratified the disclosures in the notes attached to the financial statements, including disclosures related to subsidiaries and loans. The Assembly further approved the auditors’ report on internal controls for financial reporting and compliance with the Qatar Financial Markets Authority laws and regulations.
Third: Board Members’ Discharge from Liability
Following the approval of the financial statements and the auditors' report, the General Assembly resolved to discharge the members of the Board of Directors from liability for the fiscal year ending on 31/12/2024.
Fourth: Dividend Distribution for 2024
The General Assembly approved the Board of Directors’ recommendation to distribute cash dividends for 2024 at a rate of 4% of the company's paid-up capital, amounting to approximately QAR 45 million.
Fifth: Appointment of Auditors for 2025
After reviewing the offers from globally licensed auditing firms accredited by the Qatar Financial Markets Authority and based on the Board of Directors' recommendation, the General Assembly appointed KPMG as the company’s auditors for 2025 and authorized the Board to determine their fees.
Sixth: Authorization of the Board to Manage Real Estate and Loans
The General Assembly approved the renewal of its authorization for the Board of Directors to manage and dispose of the real estate owned by the company and its subsidiaries’ real estate assets in all forms, including buying, selling, leasing, and mortgaging such properties. The authorization also extends to contracting loans, issuing letters of guarantee, and providing necessary collaterals, including joint guarantees for the company and all its subsidiaries, to obtain banking facilities for operations and future projects of the company and its subsidiaries, in addition to consolidating and rescheduling of loans, signing rights assignments (Hawalat Haq), and any other banking-related documents.
Seventh: 2024 Corporate Governance Report
The General Assembly reviewed and approved the fifteenth annual Corporate Governance Report (2024). The Assembly also listened to the external auditor’s report on the company’s compliance with corporate governance regulations and internal controls over financial reporting.
Eighth: Joint Ventures with Salam Bounian
The General Assembly approved the renewal of the authorization for the Board of Directors to enter into joint ventures with its affiliate, Salam Bounian, and to contract loans, issue letters of guarantee, and provide necessary joint guarantees.
Extraordinary General Assembly:
The Assembly approved an amendment to the company’s Articles of Association to allow the Board of Directors to distribute interim dividends during the year.
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