Australia Post has bought a 4.5 percent stake in Aramex, the Dubai logistics firm confirmed on Tuesday.
Aramex said it was confirming a statement by the Australian postal service's spokesperson early in August, when it was reported that Australia Post had spent nearly 100 million Australian dollars ($76 million).
It is the second significant purchase of Aramex shares by strategic investors in recent weeks. In July, sources said Dubai entrepreneur Mohamed Alabbar had led two investor groups in buying a combined 16.45 percent stake in Aramex, which involved the divestment of founder Fadi Ghandour's remaining 9.9 percent shareholding.
It followed Aramex reporting a 36 percent rise in second-quarter net profit. It made a profit of 125.7 million dirhams ($34.2 million) in the three months to June 30, compared with a profit of 92.5 million dirhams in the year-ago period.
Aramex said in February that it was targeting two or three acquisitions in 2016 as it seeks to expand in its key markets and support e-commerce growth.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.
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