Doha - Salam International will be setting up a new company specialising in hospital and tourism services. The firm, Newco, will be a joint venture with sister company Salam Bounian.
The decision was taken at a board meeting held here yesterday. Newco will represent a new form of strategic partnership between Salam International and Salam Bounian. Through a release on the board meeting, Salam said the partnership will enable both parties to seize growth opportunities in Qatar and other countries in the region.
A logistic services company will also be set up as per a board decision. The proposed company will specialise in providing logistical and administrative services to Salam International and its subsidiary firms. The new company will operate from the Dubai Free Zone.
The board also discussed the interest of Salam International in increasing its participation with Salam Bounian, through purchase of shares from the latter's shareholders, providing they are wiling to sell.
The board decided to refer the issue to the Investment Committee for further study. The committee will present a report and recommendations on terms, conditions and pricing of shares to the Salam board, following which a final decision on the matter will be taken.
The board also approved an increase in capital of Salam Media Cast, a subsidiary firm. The increase in capital would enable it to upgrade its classification and so enable participation in large tenders.
© The Peninsula 2007
