The decision to sell came as a mutually agreed transaction that will allow both organisations to independently execute their strategic growth in the booming global e-commerce industry.
In 2016, Aramex and Australia Post partnered to create AGS to serve as an e-commerce delivery platform, with a particular focus on connecting the Australian e-commerce market with sellers in Asia. Aramex currently owns the majority of the joint venture, with a 60 per cent stake and the remainder 40 per cent is held by Australia Post.
Upon completion, the divestment will not have any impact on Aramex revenues since the JV was only accounted for on equity basis. However, it will incur a one-off write-off of $13 million for Aramex, which will be reflected in the company's Q4 2018 financial results.
"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. We will continue to tap this growth by enhancing our last mile delivery solutions and further improving service levels through investments in technology and digitisation," said Bashar Obeid, CEO of Aramex.
This spot has been known to be one of the coldest spots in the UAE, recording sub-zero temperatures during peak winter in recent years
The leaders mourned the passing of Sheikh Isa bin Mubarak bin Hamad bin Sabah Al Khalifa