Aramex PJSC (ARMX), which competes in the Middle East with Deutsche Post’s DHL and United Parcel Service Inc., may tap the debt market for the first time since its IPO as the Dubai-based company seeks financing for acquisitions.
“With our acquisitions last year our cash went down, but being a company that has very little debt our debt capacity is quite substantial,” Chief Executive Officer Fadi Ghandour said in a phone interview yesterday. “If we do an acquisition over a certain size we will have to tap the debt market. It will be something between $50 million and $100 million.”
Aramex, the largest courier company in the Middle East, has been expanding into Asia, Africa and Europe through acquisitions and partnerships. The company said March 14 it signed a partnership agreement with CJ GLS Corp. of South Korea. That followed a joint venture with SinoAir in China, and acquisition of OneWorld Courier and In-Time Couriers in Kenya, and Berco Express in South Africa.
No comments:
Post a Comment