The founder of Aramex has reportedly sold his stake in the logistics firm to investors including Emaar Properties chairman Mohamed Alabbar.
Bloomberg reported on Tuesday that Fadi Ghandour has sold his entire 9.9 percent stake, citing two people with knowledge of the the deal.
It said the purchase was made through Alabbar Enterprises at above the market price, adding that the stake is worth about $142 million.
Ghandour and Aramex didn’t respond to Bloomberg calls seeking comment.
In April, Dubai-based Aramex reported a 12 percent rise in first-quarter net profit, citing growth in all its regions.
The company made a net profit of 96.9 million dirhams ($26.4 million) in the three months to March 31 compared with a profit of 86.6 million dirhams in the year-ago period.
A UAE-based investor group led by Alabbar in June agreed to buy a $2.36 billion stake in Kuwait Food Co, also known as Americana, which operates KFC and Pizza Hut restaurants in the Middle East and North Africa.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.