Salam wins approval to buy additional shares

Salam International Investment (SIIL) has approved buying of 17.5 million additional shares of its subsidiary Salam Bounian Development (SBD). This, among other key decisions, were taken at the company''s Ordinary General Assembly meeting held here Wednesday, SIIL (Investment and Real Estate) Executive Director and Secretary to the Board of Directors Dr. Adnan Steitieh said in a media statement. The purchase of SBD share is pegged at QR 8.5. The assembly, presided over by SIIL chairman and CEO Issa Abdul Salam Abu Issa, also approved SIIL owning up to 80% of SBD’s capital. SIIL has retained its 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 board members and company''s staff at the same prices and conditions, and equally with the other shareholders wishing to sell their shares," he said. The shareholders have authorised the SIIL board 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 a transparent approach. The parent company has offered to buy up to 22 million shares