Arab International Logistics approves acquisition of Aramex
June 01, 2005
The Board of Directors of the Arab International Logistics Company (AIL) has announced that it is at the final stages of consummating the acquisition of regional logistics giant Aramex.
AIL was originally set up as a holding company with the aim to consolidate the logistics sector which is poised for double digit growth in the coming years.
Commenting on this significant development, Mr. Abdullah Al Mazroui, Chairman of the AIL board of directors said: “The Board will move to conclude all documentation in the next two weeks. An acquisition price has been agreed and will be communicated to the market in due course. The market will need to know and we are working closely in collaboration with the Ministry of Economy and Planning who have shown high levels of foresight and understanding in facilitating the process.”
Once the company has been incorporated, the Board of Directors will ensure the listing is made in a expedite fashion with plans to list on DFM within the next three to four weeks.
Outlining the prospects for future growth, Mr. Fadi Ghandour, President & CEO of Aramex said: “All parties have been working extremely hard to make this acquisition happen. We have been working closely with AIL’s board of directors, The National Investor and Shuaa Capital to make sure that the acquisition will be concluded very soon.”
“Aramex’s performance is better than ever, first quarter 2005 net profits increased by 84% to $4.1m as compared to $2.2m for the same period last year, and our future plans are aggressive in terms of acquisitions and expanding and developing our infrastructure,” added Ghandour.