Souk Salmiya’s Sabah Al-Salem project to be completed in 2019 Company holds ordinary general assembly
Souk Al-Salmiya Real-estate Market Company recently held its ordinary general assembly for the fiscal year 2016, which was attended by 92.7 per cent of the members who approved all the items on the agenda including a recommendation to distribute 10 per cent of the capital as cash profits to shareholders.
The general assembly also discussed the board’s report about the fiscal year ending on December 31, 2016, final statement, budget, profits and losses’ auditing reports.
The assembly also expressed condolences on the demise of the late Fahad Khaled AlKulaib who had exerted considerable efforts for the company ever since the company was established.
After the general assembly, board chairman and CEO, Marzouq Khaled Al-Marzouq announced that the company had made 55 fils profits per share in 2016 and that book value per share had increased to 312 fils in 2016 compared to 285 fils in 2015. He added that the company made a real estate investment by purchasing lands in Sabah Al-Salem area to build a luxurious 35-storey residential complex overlooking the sea.
In addition, Al-Marzouq said that the company has been working on diversifying its activities and that it built a new project in Sabah AlAhmed Marine City known as ‘The Grey’ where all the stores had been already rented.
On his part, Souk Al-Salmiya Real-estate Market Company general manager, Mohammed Ali Al-Sabhan said that the company would open the Sabah Al-Salem project in March 2019. He added that the project’s total cost would be around KD 23 million.