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Tuesday, 26 July 2016

Aramex Founder Ghandour Said to Sell Stake to Alabbar, Investors - Bloomberg

Aramex Founder Ghandour Said to Sell Stake to Alabbar, Investors - Bloomberg:

"Aramex PJSC founder and vice-chairman Fadi Ghandour sold his entire 9.9 percent stake in the logistics company to Gulf investors including Emaar Properties PJSC chairman Mohamed Alabbar, two people with knowledge of the the deal said.

The purchase was made through Alabbar Enterprises at above the market price, and the family company is buying additional shares in the Dubai-listed courier on the stock exchange, said the people, who asked not to be identified because the information isn’t public. Goldman Sachs Group Inc. advised Mohamed Alabbar on the transaction, according to two of the people. The stake is worth about 523 million dirhams ($142 million) at Monday’s closing price.

The holding will help Alabbar Enterprises build a regional, web-based business, including in fashion retail, by giving it access to a distribution company. Emaar is the biggest publicly traded real-estate company in the United Arab Emirates and the developer of Dubai’s Burj Khalifa, the world’s tallest skyscraper."



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