Salam International Raises Capital
25 Dec 2005DOHA, In accordance with the decision taken at the extraordinary annual general meeting (AGM) of the shareholders of Salam International to invite equity holders to subscribe to a rights issue of 13,457,170 shares, the company’s capital has been increased from QR424,300,000 to QR 828,015,000.
Priority was accorded to those shareholders who owned Salam International shares at the close of trading at the Doha Securities Market (DSM), on October 23, 2005 and at percentage of 48.50 of the total shares owned by the shareholder as on this date.
The subscription started from November 11, 2005 and continued until the end of business hours on December 12, 2005.
The issue was oversubscribed and the total number of shares subscribed to reach 26,167,886 shares totaling a value of QR 392,519,174 as follows:-
A) 12,962,548 priority shares at a percentage of 48.50 per cent of the owned shares on October 23, 2005 at a value of QR 194,438,220.
B) 13,205,338 over subscribed shares at a total value QR 198,080,070.
The excess shares for allotment were 494,622 shares. Whereas, the oversubscribed shares were 13,205,338. Accordingly, all shareholders who requested additional shares than the priority percentage of 48.50 of their owned shares were allotted a 3.7 per cent of their additionally requested shares.
The new shares will be registered at the DSM once the approval of the Ministry of Economy and Commerce is taken, Dr Adnan Steitieh, the company’s executive director, said in a release yesterday.
The excess amount for the oversubscribed shares will be returned today (on December 25) in person until December 29, 2005. Uncollected cheques will be sent by mail to the registered address of respective shareholder.
The subscription was completed successfully under the management and auditing of Talal Abu-Ghazaleh and Partners in Qatar through Commercial Bank, Doha Bank, International Bank of Qatar and Ahli Bank and in Palestine: Palestine Investment Bank.
Salam International also extended its gratitude to shareholders and to the teams of Talal Abu-Ghazaleh and the banks.
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