Dubai's Aramex Rallies as Foreigners Cheer Australia Post's Exit - Bloomberg:
Aramex PJSC was set for its biggest gain in more than two years after a unit of Australian Postal Corp. sold its stake in Middle Eastern package-delivery service, enabling other foreign investors to buy the stock.
Aramex was trading up 8 percent at 4.73 dirhams as of 1:20 p.m. in Dubai, putting the stock on track for its biggest increase since January 2017. It was the best performer among the 37 companies on Dubai’s main share index.
Australia Post Transaction Services Pty sold its 10 percent holding in Dubai-based Aramex for about 603 million dirhams ($164 million), according to a filing. That opens the way for more investors from outside the Gulf to buy stakes, since the stock was almost at the 49 percent regulatory limit of foreign ownership.
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