Jaona Investment Buys Stake in Dubai’s Aramex for $119 Millionby
Stake bought at 14% premium to stock’s Wednesday close
Aramex founder said to have sold his stake to Gulf investors
Jaona Investment LLC bought a stake in Dubai-based logistics company Aramex PJSC for 437.6 million dirhams ($119 million), days after a report its founder sold all his shares in the company to Gulf investors.
Jaona purchased 99.4 million Aramex shares at 4.4 dirhams each in a direct deal on the Dubai Financial Market, the stock exchange said in a statement on its website on Thursday. That’s 14 percent more than the equity’s closing price on Wednesday. The shares rose 3.6 percent as of 11:57 a.m. in Dubai. Jaona now holds a 6.55 percent stake in Aramex.
Aramex founder and Vice Chairman Fadi Ghandour sold his stake in the courier company to Mohamed Alabbar, the chairman of Emaar Properties PJSC, and other Gulf investors, two people with knowledge of the deal said on Tuesday. The shares were bought through Alabbar Enterprises and the stake will help the family-owned company build a region-wide, web-based business, including fashion retailing, according to the people.
Aramex said earlier on Thursday that second-quarter profit increased 36 percent to 125.7 million dirhams. Direct deals are implemented through the trading engine during a special session between 8 a.m. and 8:30 a.m., ahead of the market’s opening at 10 a.m., according to the statement, which didn’t name the sellers.