A co-founder of the Dubai courier company Aramex has sold his remaining stake in it to a Cayman Islands venture capital firm.
Fadi Ghandour sold shares representing 9.9 per cent of its stock to Boston Ventures Corporation, Aramex said yesterday.
Mr Ghandour, a Jordanian businessman who helped to set it up more than 30 years ago, sold the Cayman Islands holding company that owns 144.9 million Aramex shares to Boston Ventures.
Aramex said Mr Ghandour had sold Levant Logistics Holdings to Boston Ventures without stating a sale price. When calculated at yesterday’s share price, the stake is worth about Dh594 million.
Last week, Jaona Investment bought 6.55 per cent of Aramex for Dh437.5m, or Dh4.4 a share, according to Dubai Financial Market.
Aramex shares closed up 2.5 per cent yesterday, at Dh4.1, in Dubai. Last week the company posted a second-quarter net profit of Dh125.7m, a 36 per cent increase over last year that beat analysts' forecasts.
Revenue surged by 17 per cent to Dh1.1 billion from Dh946m a year earlier, as the company’s various businesses grew, particularly in Europe, Asia and Australia. Last year, the acquisition of the New Zealand and Australia business of New Zealand’s Fastway Couriers for NZ$125.2m (Dh331.5m) shored up revenue.
lbarnard@thenational.ae
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