Aramex confirms its founder sold all shares

Aramex on Sunday confirmed that founder Fadi Ghandour has disposed of all his shares in the logistics company. The Dubai Financial Market-listed company informed the bourse in a filing that said: ".. Fadi Ghandour has disposed of all his shareholding in Levant Logistics Holdings, a Cayman Island company, which owns 144.94 million shares in Aramex representing 9.9 per cent ownership of Aramex shares, to Boson Ventures Corporation, a Cayman Island company."

The founder of the Dubai-based logistics company sold his stake in the parent company to privately held Boson Ventures Corp, a week after a report suggested he had sold the shares to Gulf investors. According to a source familiar with the matter, Emaar chairman Mohamed Alabbar has led two investor groups in buying a combined 16.45 per cent stake in Dubai-based courier Aramex, part of a plan to build an e-commerce platform across the Arab world.

Alabbar was a lead investor in Boson Ventures Corporation, which purchased the entire 9.9 per cent share that Aramex founder Fadi Ghandour held in the company through Levant Logistics Holdings, Reuters said quoting the source. Alabbar was also a lead investor in Jaona Investment, which acquired a 6.55 per cent stake in Aramex.

On the DFM, Aramex's share price advanced for an eleventh day despite the fact that stock markets across the Gulf languished amid low trading volumes. Aramex jumped by 2.5 per cent to Dh4.10 on Sunday with 215 trades. Aramex was the volume leader on the bourse as 8.8 million shares changed hands.

Dubai Islamic Bank was ranked second with a 4.1 million trading volume and telecom operator du was third with 2.9 million shares. The DFM's General Index fell by around one per cent to close at 3,484.32 points.

Last week, Aramex reported that its second-quarter profit rose 36 per cent to Dh125.7 million. Europe, Asia and Australia were the biggest contributors to the company's growth. Aramex revenue increase 17 per cent to Dh1.1 billion.

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