Mohamed Alabbar has resigned from his position as board member of Dubai-based international logistics company Aramex, according to a statement filed to the Dubai Financial Market (DFM).
The statement noted that Alabbar resigned through a letter dated April 11 for "personal reasons".
In July 2016, Aramex founder and vice-chairman Fadi Ghandour sold his entire 9.9 stake in the company to Gulf investors including Mohammed Alabbar.
At the time, it was reported that the stake was worth approximately $142 million.
Alabbar still owns a stake in Aramex through a number of holding companies, including Boson Ventures Corporation and Joana Investments.
Another board member, Christine Holgate - who represents the Australia Post Transaction Services Pty Ltd - resigned from Aramex's board as of April 10.
Last month, Australia Post sold a 10 percent stake in Aramex for $164 million, according to a DFM filing.
Aramex limits foreign ownership to 49 percent.
The firm reported AED 492 million ($133.95 million) in net profit in 2018, a 13 percent rise from the previous year. Revenue rose 8 percent to AED 5.08 billion ($1.38 billion).For all the latest transport 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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