SIG takes full ownership of joint venture in Middle East and Africa
SIG today announced the successful completion of the transaction to acquire the remaining 50% in its Middle East and Africa (MEA) joint venture, SIG Combibloc Obeikan, from its partner Obeikan Investment Group (OIG). The business in MEA will be fully consolidated by SIG from end-February 2021 and will be reported as a separate segment. The acquisition will expand SIG’s global presence and give direct access to the growing markets of the MEA region.
As previously announced, Abdelghany Eladib, currently Chief Operating Officer of SIG Combibloc Obeikan, joins SIG’s Group Executive Board as President & General Manager, Middle East & Africa with completion of the transaction.
Furthermore, as previously announced, SIG’s Board of Directors has nominated Abdallah Al Obeikan, Group Chief Executive Officer and member of the board of directors of OIG, for election to SIG’s Board of Directors at the AGM to be held on 21 April 2021.
Samuel Sigrist, Chief Executive Officer of SIG, said: “We are delighted to welcome SIG Combibloc Obeikan as a full member of the SIG family and are looking forward to pursuing additional growth opportunities together. The strong MEA footprint built over the years will be further strengthened as we expand our product offering and geographic reach.”
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