Dubai – Mubasher: Dubai-based logistics firm Aramex on Tuesday announced that its board of directors has approved to sell its 60% stake in a joint venture with Australia Post, “Aramex Global Solutions (AGS)”, to the Australian Postal Corporation for $20 million.
The action will allow both entities to independently implement their strategic growth in the booming global e-commerce industry, the international logistics and transportation firm said in a statement.
“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,” Bashar Obeid, CEO of Aramex, commented.
In 2016, Aramex, the leading global provider of comprehensive logistics and transportation solutions, has partnered with Australia Post to create AGS to serve as an e-commerce delivery platform, focusing on connecting the Australian e-commerce market with sellers in Asia.
Aramex owns the majority of the joint venture with a 60% stake and the remainder 40% shareholding is held by Australia Post.
“We will continue to tap into this growth by enhancing our last mile delivery solutions and further improving service levels through investments in technology and digitisation,” Obeid said.
