Logistics firm eyes at least three buyouts before year end; acquisitions to be in Asia and Africa
United Arab Emirates courier firm Aramex is eyeing
acquisitions in Africa and Asia, the company's chief executive said on Monday.
Fadi Ghandour said the focus for acquisitions would be in southeast Asia,
Africa and CIS countries.
"There's going to be four to five acquisitions by Q1 2011 in Asia and
Africa and at least three before year-end," he told reporters on the
sidelines of an entrepreneurship event in Dubai.
Ghandour said that Aramex had about $100m in cash to spend in the
next two to three years.
"We normally acquire third party logistics and freight forwarding and
express (companies). We rarely acquire 100 percent of firms," he said.
Shares in Aramex were trading 0.5 percent lower at 0702 GMT but the stock is
40 percent up this year.
In October, Aramex, which competes with global giants such as Fedex
and DHL, said third-quarter profit rose 12 percent,
falling slightly short of analyst expectations.