Salam International to Establish Salam Carpets Subsidiary

Doha, June 23 (QNA) - Salam International Investment Limited (SIIL) has empowered the investment committee to consider an offer to buy additional shares of Salam Bounian and to make recommendations to the BOD covering the target size to be acquired and the price offered, the company said today in a statement published in Qatar Exchange website.
The decision, which was taken during the company's Board of Directors' (BOD) meeting held on Wednesday, is based on general assembly unanimously approval on 21/10/2007 to increase the percentage of SIIL stake in Salam Bounian, through buying shares from shareholders at that time, and those that may be offered later on up to 50%.
The company's BOD also approved establishment of branch for the subsidiary Salam Industries under the trade name: "Salam Carpets".
The Board's next meeting is scheduled for 10/07/2011.
SIIL was established by Emiri Decree with a paid capital of Qatari Riyals 989,736,680 divided into 98,973,668 shares.
It is a leading conglomerate pursuing a highly focused approach of establishing, incorporating, acquiring, and owning enterprises. (QNA)