Aramex founder sells all shares in company
The founder of Aramex , Fadi Ghandour, has sold all his shares in Levant Logistics Holdings, which held his 9.9 percent stake in the Dubai-based courier, according to a bourse filing from Aramex.
The value of the sale of the Cayman Islands-registered company to Boson Ventures Corporation, also established in the Caribbean territory, was not disclosed in the short statement.
The sale comes as Aramex reports major profit growth for the year. Aramex’s Net Profits increased by 36% to AED 125.7 million, up from AED 92.5 million in Q2 2015. Revenues were also up 17%, to AED 1,105 million compared to AED 946 million over the corresponding period of the previous year.
Aramex's Half Year 2016 Revenues increased year-on-year to AED 2,134 million, up 15% compared to AED 1,856 million for the corresponding period of 2015.
Also this week, Aramex announced that Janoa Investment had bought a $119-million stake in the company.