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Sahara Petrochemical, Sipchem amend merger terms

Sahara Petrochemical, Sipchem amend merger terms
The agreement stipulates the appointment of Al-Ohali as the CEO of the Combined Group
SIPCHEM
2310
0.93% 32.55 0.30
Sahara
2260
1.16% 17.46 0.20

Riyadh – Mubasher: Sahara Petrochemical Co on Thursday announced it has signed an agreement Saudi International Petrochemicals Company (Sipchem) to amend the terms of their merger.

The agreement stipulates the appointment of Ahmad Abdulaziz Al-Ohali, the former CEO of Sipchem, as the CEO of the Combined Group following the completion of the merger, according to a statement by the Saudi Exchange Market (Tadawul).

Upon the deal, Saleh Mohammed Bahmdan, the current CEO of Sahara, will act as the chief operating officer of the Combined Group, Sahara said.

Moreover, the current assigned CEO and managing director of Sipchem Abdullah Saif Alsaadoon will be appointed as the chief operating officer of the Combined Group.

“Both Sipchem and Sahara are working to satisfy all conditions to the transaction, including obtaining the required regulatory approvals,” according to the statement.

The companies will also invite their extraordinary general meeting (EGM) to vote on the related decisions to the transactions.