Dubai-based Aramex, the biggest courier company in the Middle East, has increased the foreign ownership limit of its shares to 100 percent as it embarks on its next stage of growth.
The move makes Aramex the “first onshore UAE company listed on the DFM to allow for full ownership of its free-floating shares by foreign investors”, the company said.
In a statement to the Dubai Financial Market (DFM), where its shares are traded, Aramex said the decision had been officially activated. Its previous limit on foreign ownership was 49 percent.
Chairman of the Board of Directors of Aramex, Captain Mohamed Juma Alshamsi, said: “With a clear strategic roadmap to support our growth ambitions, Aramex is seeking to further connect the world and facilitate global trade.
“This is why we believe is it the opportune moment to offer investors from all around the world an equitable opportunity to invest in Aramex’s journey towards sustainable growth.”
He added that through investment in Aramex, investors will gain exposure to one of the most critical sectors in the UAE, a well-diversified and strategically located country connecting East to West.
“They will also be investing via a well-regulated stock exchange in one of the world’s leading capital market hubs, Dubai.”
In February, Abu Dhabi Ports Group acquired stakes in Aramex along with UAE-based National Marine Dredging Company (NMDC).
AD Ports, part of ADQ, an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises, said it now holds a 22.32 percent stake in Aramex.
CEO of Aramex, Othman Aljeda, said: “Lifting foreign ownership limit on our stock will provide investors with the opportunity to invest in Aramex as we embark on the next stage of growth and expansion, driven by a well-defined strategy.
“M&A is a key element of our business strategy and we are looking at several value accretive deals that could add substantial inorganic growth.”
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