Sabic’s chief executive Yousef al-Benyan and chairman Abdulaziz Aljarbou have been appointed for a new term until April 2022 by the company’s ordinary general assembly at the corporate headquarters in Riyadh on 9 April. The reappointment means they are intended to lead the company during a period that will see considerable restructuring after Aramco purchased 70% last month (MEES, 29 March). The remaining 30% is listed on Saudi Arabia’s bourse, the Tadawul.
How much Mr Benyan and Mr Aljarbou will be involved shaping the Aramco/Sabic combine is open to speculation. Mr Benyan distanced himself from the deal, saying it was not Sabic’s business but Aramco’s and PIF’s. He has also indicated that only once anti-trust clearance for the takeover was received would he put a team together to “look at areas of synergies”. Yet Aramco’s prospectus for a bond intended to partly fund the takeover indicates that Aramco is already studying how best to get the most out of the Aramco/Sabic assets (MEES, 5 April). Regarding the current Sabic board’s post-takeover role the prospectus hints at a tricky situation: Sabic’s directors “will continue to owe duties to its minority shareholders and the interests of Sabic’s minority shareholders may not align with those of the Company” (ie Aramco). (CONTINUED - 213 WORDS)