The co-founder of Dubai courier Aramex has sold his remaining nearly 10 per cent stake in the company to a Caymen Island based venture capital firm.
Fadi Ghandour sold all of his remaining shares, representing 9.9 per cent of Aramex shares, to Boston Ventures Corporation the company said in a statement to the Dubai bourse this morning.
Mr Ghandour, a Jordanian businessman who helped set up Aramex more than 30 years ago, sold a Cayman Island based holding company which holds 144.9 million Aramex shares to the VC firm.
Aramex said that Mr Ghandour had sold Levant Logistics Holdings to Boston Ventures without stating a sale price. Calculated at this morning’s share price, the stake is worth around Dh579.6 million.
Aramex shares opened on Sunday at Dh4 and immediately rose 3.75 per cent in early trading to stand at Dh4.15 by 11am.
Last week the company posted a net profit of Dh125.7m – a 36 per cent increase in second-quarter net profit, beating analysts’ forecasts.
Revenue surged 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 (Dh326.1m) shored up revenue.
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