UAE-based logistics firm Aramex has confirmed reports that Australian government-owned Australia Post has acquired a 4.5 per cent stake in the company.
In a bourse filing, Aramex CFO Bashar Obeid said the reports were based on an official statement by Australia Post’s spokesperson.
The stake acquisition follows Aramex’s June sale of Sydney-based Mail Call Couriers to Australia Post and the formation of a joint venture between the two companies focussing on e-commerce in Asia.
At the end of last month, Emirati businessman Mohamed Alabbar reportedly also led two investor groups to buy a 16.45 per cent stake in Aramex after founder Fadi Ghandour sold his 9.9 per cent holding.
Reports suggest the billionaire may be seeking to harness Aramex’s logistics footprint to build an e-commerce platform across the Arab world.