Advanced announced that its current CEO, Abdullah Al Garawi, has resigned, effective 16 Aug 2019, as he is approaching the end of his contract. The BoD has appointed Fahad Salem Al Matrafi as the new CEO. Al Garawi will extend his services as chief adviser to the BoD until 30 Nov 2019 and will continue to serve as a Board member until the end of his current term on 30 Sep 2019. It is worth noting that Al Matrafi graduated in 1995 with a bachelor’s degree in chemical engineering; he joined Advanced in 2008 as GM of operations and has since held positions as GM of supply chain and GM of technical. He was promoted to VP of Technical as of Jan 2019. (Tadawul)
 
Advanced Petrochemicals: SAR59.00 as of 3 Jul. 2019, Rating: Buy, TP: SAR58.50/share, MCap: USD3,096mn, APPC AB/2330.SE