Aramex founder said to sell 10% stake to Alabbar, investors

26/07/2016 Argaam

The founder and vice-chairman of Dubai-listed Aramex, Fadi Ghandour, has sold his 9.9 percent stake in the firm to GCC investors including Emaar Properties chairman Mohamed Alabbar, Bloomberg reported, citing sources aware of the matter.

 

The purchase was reportedly made above market price through the family-owned Alabbar Enterprises, which is buying additional shares in the courier firm, the sources added. The stake is worth about AED 523 million ($142 million) at Monday’s closing price.

 

Goldman Sachs Group advised Alabbar on the transaction, two of the sources said.

 

When contacted by Argaam, an Aramex spokesperson said officials were unavailable to comment on the matter.

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