Stake sold for US$ 20mn
Aramex announced recently that its Board of Directors’ approval to sell its 60% stake in its joint venture with Australia Post-Aramex Global Solutions (AGS), to Australia Post for US$ 20mn.
The decision to sell came as a mutually agreed transaction that will allow both organizations to independently execute their strategic growth in the booming global e-commerce industry.
In 2016, Aramex and Australia Post partnered to create AGS to serve as an e-commerce delivery platform, with a particular focus on connecting the Australian e-commerce market with sellers in Asia. Aramex currently owns the majority of the joint venture, with a 60% stake and the remainder 40% are held by Australia Post.
“The divestment will not affect our e-commerce growth strategy. The global e-commerce market continues to grow at a strong rate, transforming our industry and presenting huge opportunities for us to expand our business in our target markets,” said Bashar Obeid, CEO, Aramex.
One of the key contributors to the Company’s strong Q3-2018 results was the boom in e-commerce. In the third quarter the Company had reported revenue for the three-month period ended September 30th 2018 of AED 1,239mn, up 8% year-on-year and a net profit of AED 113mn, a 38% jump from Q3-2017.
