Dubai-based logistics firm Aramex has confirmed the establishment of an e-commerce joint venture with Australia Post.
In a bourse filing, the company said the new venture would target the global e-commerce market “with a particular focus on Asia” from its base in Singapore.
The unit is 60 per cent owned by Aramex and 40 per cent by Australia Post.
It has already acquired the latter’s StarTrack International unit for AUD62.4m ($47.8m), according to the filing.
Australia Post acquired a 4.5 per cent stake in Aramex in August as part of an agreement reached during the Dubai-based firm’s June sale of Sydney-based Mail Call Couriers.
The two agreed to also setup the joint venture when the acquisition was announced.
Aramex was the subject of takeover rumours earlier this year after Emirati businessman Mohamed Alabbar reportedly led two investor groups to buy a 16.5 per cent stake in the firm.
Some speculated the billionaire was seeking to harness Aramex’s logistics footprint to build an e-commerce platform across the Arab world.