Friday, October 7, 2016

ARAMEX FORMS JV WITH AUSTRALIA POST

Aramex forms e-commerce JV with Australia Post Aramex holds a 60 per cent stake in the Singapore-based company that will target the global e-commerce market Published: 17:41 October 3, 2016 Staff Report Dubai: Logistics firm Aramex said on Monday it has established a joint-venture e-commerce company with Australia Post. Aramex holds a 60 per cent stake in the Singapore-based company that will target the global e-commerce market, the Dubai-listed logistics firm said in a bourse statement. Australia Post holds the remaining 40 per cent stake. The joint venture has acquired Australia Post’s Star Track International, an e-commerce postal and supply chain company, for 62.4 million Australian dollars (Dh175.9 million). Australia Post, who this year bought a 4.5 per cent stake in Aramex, said on August 3 it would launch a joint venture with the Dubai listed company that would “help connect Australian businesses and consumers to the world economy and the fast-growing Asian e-commerce market.” “This alliance with Aramex will help us grow the Australian e-commerce market, capturing more inbound e-commerce parcel volumes and will provide a platform for outbound growth, particularly for Australian small businesses,” Australia Post’s managing director and group chief executive Ahmad Fahour said in an earlier Aramex statement. Aramex previously reported a 24 per cent increase in first half net profit to Dh222.5 million Founder Fadi Ghandour sold his 9.9 per cent stake in the company earlier this year, according to July 31 Aramex statement.