Aramex sells 4.5% stake to Australia Post

Dubai logistics company confirms sale to country’s postal service
Aramex sells 4.5% stake to Australia Post
By Reuters
Tue 09 Aug 2016 11:40 AM

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.

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