Mideast FedEx Rival Aramex Scraps Foreign Ownership Limit - Bloomberg
Aramex PJSC said it would remove limits on foreign ownership, potentially paving the way for outsiders to own a larger stake in one of the Middle East’s largest logistics firms.
The company will raise foreign ownership limit to 100% from 49%, becoming the first United Arab Emirates-based company listed in Dubai to do so. European logistics firm Geopost SA holds 24.9% of Aramex, while Abu Dhabi Ports Co. owns 22.3%, according to data compiled by Bloomberg,
Aramex shares rose 1.4% on Thursday, valuing the firm at 6.2 billion dirhams ($1.69 billion). The stock has advanced 3.2% year-to-date, underperforming a 15.5% gain in Dubai’s benchmark index.
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