The region’s market leader in the fields of transportation and trade, Salam International for Transport and Trading Co Plc (Salam Jordan) held its ordinary General Assembly meeting at the King Hussein Club in Amman, on Sunday, April 29th 2007. The meeting featured an analysis of Salam Jordan’s financial statement for the year 2006, revealing the firm's 2.95 Million JD worth or Returned Earning, 1.5 Million JD worth of Net Profit, and Shareholders’
Present from Al-Salam were Mr. Said Suleiman, Chairman of the Board and General Manager of Salam Jordan, and Mr. Ahmad Armoush, Co-Founder of Salam and Chairman of Madaen Al-Nour for Real Estate Development and Investment Company and Chairman of Al Ibtikar for Land Transport Company. Also present were members of the board, shareholders and senior management of the company.
The General Assembly approved the decision made by Salam Jordan’s Board of Directors to distribute (10) % of its dividends to shareholders. Members of the General Assembly also recommended that Board Members consider the purchase of treasury shares.
The recommendation is based on the Assembly’s belief that the monitory value of these shares is less than their actual value in the local market. Also considered during the meeting was the possibility of bringing on board strategic partners into the company.
Discussions covered the current operations that Salam Jordan is currently undergoing, centering on the firm’s manufacturing of two new vessels, each with a total cargo capacity of 53,000 tons. The two vessels are being manufactured in cooperation with Jordan’s National Shipping Lines Company and a group of renowned German partners.
The Board also informed attendees that the company will continue to expand in the passenger transport arena, currently serving the passenger transport route between the Egyptian Red Sea Ports of Safaga and Jeddah of Saudi Arabia. It currently enjoys a strategic alliance with the International Maritime Investments Company which will play a profound role in this area. The company is also looking into the possibility of restructuring and developing its fleet of ferries and vessels, and hopes to achieve this goal by exerting a pull on local and international investments to replace the current long-established vessels with new ones.
Furthermore, Salam Jordan for Transport and Trading announced plans to revitalize its business in the industrial based land transport arena. Its main purpose in this regard is to enhance the land transport field in the Kingdom, to boost its business with the Jordan Petroleum Refinery Company (currently carrying out the transport of crude oil), and to utilize this area of operations for the shipping of chemicals and public goods both into and out of Aqaba.
It is worth mentioning that Salam Jordan was the main contractor between the period of 2004 – 2005 for the gas pipeline project implemented between Egypt and Jordan, whereby it handled the transportation of the needed pipes.
Participants in the meeting also focused their attention on the company’s current projects in the real estate sector. According to Mr. Ahmad Armoush, Co-Founder of Salam and Chairman of Madaen Al-Nour for Real Estate Development and Investment Company, "Through Madaen Al-Nour for Real Estate Development and Investment Company, Salam Jordan played an active role in closing a deal with MAWARED Jordan. A contract was signed between both sides to develop 155,000 square meters of land to build 270,000 square meters of residential units in the Zarqa Project of Madinat Al Sharq, a massive residential and commercial development plan owned by MAWARED to establish a new city in the Zarqa governorate."
Mr. Armoush also made it very clear that Salam Jordan is working on extending its projects to involve each governorate within the Kingdom. "Madaen Al Nour is carrying out substantial real estate projects in the Kingdom, including the tourist project at the Dead Sea, the Madaen Al Aqaba project, alongside its commercial projects in Zarqa and Aqaba. We expect to have built 3000 villas and apartments in the coming four years. The company has recently launched its 22-storey tower together with the commercial center at the Abdali Urban Regeneration Project in Amman" he added.
Salam International Transport and Trading Company Plc (listed in ASE - symbol SITT) was founded, in the year 1997. It specializes in shipping, land cargo transportation and offers investment solutions to local and regional markets. The size of its capital investments by the end of the year 2006 reached a total of JD 34 million; and it works through a number of affiliates and local and regional partners. www.salamjo.com
