Aramex owns 60% of the Singapore-based joint venture while Australia Post has 40%, says logistics company
Dubai-based logistics firm Aramex said on Monday it had established an e-commerce joint venture with state-owned Australia Post, in a move that could herald a new expansion drive by the Dubai company.
Aramex owns 60 percent of the Singapore-based venture while Australia Post has 40 percent, Aramex said in a bourse statement without giving a value for the investment.
In July this year, Dubai billionaire Mohamed Alabbar led two investor groups that bought a combined 16.45 percent stake in Aramex, while Australia Post bought 4.5 percent of Aramex at roughly the same time.
A source familiar with Alabbar's deal said at the time that he was keen to harness Aramex's footprint in logistics and transport to build an e-commerce platform across the Arab world in areas such as banking and retail.