Issa Abdul Salam Abu Issa (centre), Chairman of Salam International Investment Ltd (SIIL), and other board members, during the Company’s General Assembly Meeting held at The Gate Mall, yesterday. Pic; Baher Amin / the peninsula
Salam International Investment Ltd (SIIL), aiming to have new streams of revenues, is set to further diversify its business activities, investment portfolio and expand its operations for the interest of its shareholders, said the Chairman of SIIL in his address at the company’s Annual General Assembly (AGM) meeting, yesterday.
During the AGM, shareholders of the Company gave their nod for all the items on the agenda of the meeting, including the Company’s future plans, which include expansion in new business activities and other strategies that will help enhance the performance of the group.
“The company is looking forward to diversify its a activities, expand in the business of facility management and provide quality services of added value to existing projects, customers and clients,” said Issa Abudul Salam Abu Issa, Chairman of the Board of Directors of SIIL.
Abu Issa added: “The Company is committed to continue the implementation of its future plans as were declared in the past with the objective of current tenements, completion of marketing of available spaces that remain unlet and to attract new quality tenants to replace tenants that have expired their rent and did not wish to renew their rents contracts.”
He also said that the performance of the Company and its subsidiaries is expected to be adversely affected due to the crisis in the luxury consumer products markets, which has resulted in vacating certain leased units and drop in customer spending on both long-life products and luxurious consumer products.
“The situation is further exacerbated with increased cost of financing, coupled with continued increase of supply in real estate and growing number of shopping centres,” noted the chairman of the Company in his address at the AGM.
The General Assembly Meetings (Ordinary and Extraordinary), which were presided over by the Board’s chairman, approved the renewal of its joint venture agreements with Salam Bounian, authorising the Board to enter into joint ventures with the sister company in addition to holding their loans and issuing letters of credit and guarantees where necessary.
The General Assembly also approved the Board’s report on the Company’s performance and financial position for the year ending December 31, 2018. SIIL reported a net loss of QR99.4m for the last financial year ending December 31, 2018.
The shareholders of the company (in the Extraordinary General Assembly) approved the amendment of the nominal value of the share from QR10 to be QR1, and the amendment of the related articles in the bylaws and the Articles of Association.
