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Tue 16 Apr 2019 10:27 AM

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Mohamed Alabbar resigns from Aramex board of directors

Alabbar owns a stake in Aramex through a number of holding companies

Mohamed Alabbar resigns from Aramex board of directors
Alabbar still owns a stake in Aramex through a number of holding companies, including Boson Ventures Corporation and Joana Investments.

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.

Second resignation

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).

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