According to reports, the Board of Directors of the newly founded ArabInternational Logistics Company (AIL) has announced that it has acquired the regional logistics giant Aramex f or the price of $185.4m. AIL was originally set up as a holding companywith the aim to consolidate the logistics sector which is poised for double digit growth in thecoming years.
Commenting on the acquisition Abdullah Al Mazrui, Chairman of ArabInternational Logistics Company, is cited by AME Info: ‘Our objective is to create thelargest regional logistics provider. Aramex is the leading regional company in this sector andoperates out of its hub in Dubai’. He added that ‘the acquisition of Aramex will jump start ourefforts, and provide AIL with over $18 million in profits during 2005, enabling AIL to becomeprofitable from its first year. The parties have agreed on all the acquisition details and we shallaim to close it shortly.’
Fadi Ghandour so far President and CEO of Aramex has been appointed asthe new CEO of AIL. AME Info cites Mr. Ghandour ‘AIL, with its strong capital base, and thesupport of its newly appointed directors, will take Aramex, which has always been a successfulcompany in the logistics industry, to greater heights. There are still a number of acquisitions inAramex’s pipeline, which we expect to announce in the coming months and will further consolidateour position within the region’
Outlining the prospects for future growth, Mr. Fadi Ghandour said: “Allparties have been working extremely hard to make this acquisition happen.” “Aramex’s performance is better than ever, first quarter 2005 net profitsincreased by 84% to $4.1m as compared to $2.2m for the same period last year, and our future plansare aggressive in terms of acquisitions and expanding and developing our infrastructure,” addedGhandour.
