Lebanon Businessnews News
 

Zouhairy replaces Abou Hamze at Cogico
Handover within the coming week
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Jihad Zouhairy was elected General Manager of the Consolidated Group for Industry & Commerce sarl (Cogico), one of the largest local companies for oil distribution.

Zouhairy replaced Bahij Abou Hamze who had headed the company for over 25 years, representing the interests of MP Walid Jumblatt.

Zouhairy said the new board of directors should be announced on October 8, and the official handover will occur within the following week.

Press reports had mentioned a fall-out between Jumblatt and Abou Hamze. “The new appointment is an internal corporate decision, and nothing about it is meant to be disclosed,” said Abou Hamze.

Abou Hamze is the Chairman of the Association of Petroleum Importing Companies (APIC) and a member of the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon.

Zouhairy has been the administrative manager of Ciment de Sibline. He was set to run in the postponed 2013 elections in Beirut, representing Jumblatt’s Progressive Socialist Party.

Jumblatt is the majority owner of Cogico with 42 percent of direct shares. He also owns 74 percent of Al-Jabal Engineering Building Company sarl (JEBCO), which controls 52.5 percent of Cogico. Abou Hamze owns 25 percent of JEBCO.

The United Development Corporation sal (Holding), chaired by Jumblatt, owns another five percent of Cogico.
Reported by Rana Freifer
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Date Posted: Oct 07, 2013