Salam International Investment Limited (SIIL) Board of Directors yesterday reviewed approval updates of the acquisition of Salam Bounian (SBD) by SIIL and went through competent authorities’ responses regarding requirements of acquisition.
In addition, the Board mandated SIIL’s relevant departments to study and set up an action plan and time schedule to comply with all requirements in accordance with the provisions of Commercial Companies Law no: (5) of 2002 and other applied regulations.
This was one of the resolutions that SIIL passed yesterday in its Ordinary meeting.
Moreover, the Board reviewed results of the preliminary studies of financial impacts on SIIL’s fundamental and financial indicators from all aspects. It reviewed as well the acquisition’s phases and other available alternatives.
The Board requested the completion of those studies and the set up a time schedule for the acquisition’s phases which will be referred to the General Assembly and competent authorities once it is finalized for approval and ratification.
Based on the previous General Assembly approval of cooperation and entering joint ventures projects with SBD, ratification of financial relations with SBD, and authorization of the Board to undertake all official and financial procedures by competent authorities, the Board decided to inform the next General Assembly of relation update to be ratified once again.
Besides, the Board approved to hold a meeting on February 7, 2010 to announce the consolidated financial results for the period ended December 31, 2009 and determine the percentage and nature of dividends.
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