Sipchem-Sahara joint entity appoints new CEO, COO

Saudi International Petrochemical Co. (Sipchem) and Sahara Petrochemicals Co. announced amending the agreement relating to the proposed merger of equals, both companies said in separate bourse statements.

Under the amended agreement, Saleh Mohammed Bahmdan, currently Chief Executive Officer (CEO) of Sahara, will be appointed as the CEO of the combined group.

Additionally, Abdullah Saif Al-Saadoon, currently assigned CEO and Managing Director of Sipchem shall be appointed as the chief operating officer (COO) of the combined group.

In December, Sipchem and Sahara entered into a legally binding agreement governing the terms and conditions for implementing a business merger of equals.

The original agreement stipulated that Ahmad Al-Ohali, former CEO of Sipchem, will be the CEO of the new combined entity. However, Al-Ohali resigned in March as he was appointed as the new Governor of the General Authority for Military Industries.