The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
uae10 hours ago
Aramex has announced that its board of directors has approved to sell its 60 per cent stake in its joint venture with Australia Post, Aramex Global Solutions (AGS), to Australia Post, for $20 million.
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.
- business@khaleejtimes.com
The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
uae10 hours ago
Dravid's tenure comes to an end after the T20 World Cup 2024 in the USA and West Indies
sports10 hours ago
Stand-in skipper Jitesh believes the absence of key England players will not affect his side's morale on Sunday
sports11 hours ago
Netanyahu came under personal attack from Defence Minister Yoav Gallant for failing to rule out an Israeli government in Gaza after the war
world11 hours ago
The fund is designed to finance the production of artistic and creative works in film, music, performances, and video games
uae11 hours ago
Fico has been in hospital since Wednesday when a lone gunman shot him four times, including in the abdomen
world12 hours ago
The country was one of the donor states to freeze around $450 million in funds after Israel accused 12 UNRWA staff of participating in the Hamas-led attack
world12 hours ago
This inclusive community service is available daily on Al Hamriya Beach from 6.00am to sunset
uae13 hours ago