Salam international purchases 17.5 million shares

Salam International Investment Limited (SIIL) announced Monday that its Ordinary General Assembly (GA) has approved the recommendation of the board of directors (BOD) for the purchase of 17.5 million shares of Salam Biounian Development (SBD) at a price of QR 8.5 per share. The purchase will include the shares that were offered by the shareholders who wish to sell all or some of their shares, including shares offered by some members of BOD and company’s staff, and any other stocks that might be offered in the future up to purchase of the required amount of 22 million shares, the SIIL said in a statement published on the (Qatar Exchange) website. The SIIL General Assembly also approved the increased ownership of SIIL up to 80% of SBD’s capital, according to the statement. The SIIL retained the right to modify the purchase price, of any future purchase, that it deems appropriate and able to achieve their interests. That is to buy the offered shares, by the BOD members and company’s staff at the same prices and conditions, and equally with the other shareholders wishing to sell their shares. And authorize the BOD to take all necessary actions in this concern. Including determining the amount of shares; prices; purchase terms for each batch, and to assure that the purchase is carried out in accordance with the disclosed and transparent approach, the Statement said. The BOD was authorized to take all necessary actions to implement the GA resolution including the compliance with QFMA requirements and any other requirements requested by other competent authorities. In addition to sign loan agreement, requesting needed banking facilities to finance the purchase of the additional shares and authorizing the Chairman to sign loan agreements and banking facilities request.