Dubai’s Aramex in discussions to acquire Turkey’s MNG Kargo

Dubai-based logistics group Aramex has said that it has recently entered into discussions to potentially acquire Turkey-based MNG Kargo.

“Discussions are still in their early stages as the company is conducting its initial evaluation,” Aramex said, in a filing to Dubai Financial Market. 

“The company’s final decision to acquire MNG Kargo is subject to satisfactory findings of the due diligence process, in addition to the company’s senior management and board of directors approval,” it added.

ARMX – Clarification of the news published in media https://t.co/DsU9QZlfBa

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“We would also like to note that the total value of this transaction has not yet been determined or agreed upon at this early stage.”

Aramex added that it will disclose all updates related to this transaction as soon as they become available, in compliance with the rules and regulations of the Dubai Financial Market and the disclosure and transparency rules.

Abu Dhabi-based holding company ADQ acquired approximately 22 per cent of the issued share capital of Aramex last year.

Read more: Abu Dhabi’s ADQ acquires 22% of courier firm Aramex

Aramex appointed Othman Aljeda as its CEO earlier this year, replacing Bashar Obeid.

Read: Dubai’s Aramex appoints Othman Aljeda as CEO