By Sachin Kumar
DOHA: The General Assembly of Salam International Investment Ltd (SIIL) in its Ordinary and Extraordinary Meetings yesterday approved the Board’s recommendation to distribute cash dividend for 2015 of 10 percent of the paid-up capital where QR1 will be distributed per share.
“The company continued to apply its conservative fiscal an financial policies and maintain the existing risk management policies. We have managed to lower the cost of financing and benefiting from lower interest rates,” said Issa Abdulsalam Abu Issa, Chairman of the Board, SIIL addressing shareholders.
“We have taken a package of measures that aim to increase the efficiency levels, rationalise cost, foster the operating management and support it with fresh blood. All of these measures shall positively reflect on the achieved profits in the future,” he said.
The assembly approved the renewal of the authorisation 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 and reschedule loans.
“Although the company will continue implementing the future plans as previously announced, it will however closely monitor the economic developments in order to avoid the potential adverse economic effects resulting from fluctuations in the price of oil,” said Issa Abdul Salam Abu Issa. “Surely you are all aware of the economic changes being experienced worldwide, including the floating estimate that the global economy could enter a state of stagnation, hinting that the upcoming years could be difficult and hard to withstand. Hence the performance of SIIL and subsidiaries could be affected by such adverse developments, including the possibility of an increase in the cost of financing,” he said.
The assembly approved the renewal of its joint venture agreements with Salam Bounian, authorising 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 Peninsula
