Emirates Post is poised to continue its ambitious growth and move into the Asian logistics sectorwith the acquisition of a 40% stake in Indonesian company Pandu Siwi group.
The Indonesian company said it would sell a 40% holding to the state-owned postal group. Thedeal was valued at $11.1 million and is expected to be completed in January, Bisnis Indonesiareported.
Pandu Siwi chairman Bhakty Kasry said the alliance with Emirates Post would help the group togrow into the largest logistics company in South-East Asia within the next five years. The freightand logistics company currently has five hubs across Indonesia and plans to expand its domesticnetwork as well as move into air cargo with leased planes. Revenue or volume figures were notavailable.
Emirates Post has expanded into the air cargo sector over the past year through its Empostsubsidiary by leasing planes and launching flights between the Indian sub-continent, Dubai andEurope. Director-general Abdulla Al Daboos has announced ambitious plans for a fleet of 50 planesby 2012, acquisitions in Asia and Europe, and a Middle East trucking network.
