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Abu Dhabi sovereign ADQ will become the majority owner of Dubai-based courier firm Aramex after reaching cumulative ownership of 58% of its shares.
The sovereign already held 22.69% of the shares through subsidiary AD Ports Group.
In January, it submitted a voluntary tender offer to remaining shareholders through its wholly owned indirect subsidiary, Q Logistics Holding LLC, an offer accepted by 35.31% of shareholders, taking cumulative ownership to 58%.
ADQ said Dubai-listed Aramex will sit within its transport and logistics cluster and play a central role in building global business platforms focused on infrastructure and supply chains.
The cluster already includes major capital-based entities including Abu Dhabi Airports, Etihad Airways and Etihad Rail, as well as AD Ports Group.
The shareholding held by the sovereign could increase further, as those who have not so far accepted the offer have until 24th March to accept an offer price of AED 3 ($82) per share. The final total tendered will be announced on 28th March.
Aramex shares closed at AED 2.76 on Monday.
Dubai Financial Market (DFM) records showed the largest shareholder as of Monday as GeoPost SA, owned by La Poste, the international delivery network operated by France’s state-owned postal service at 28%.
LSEG data shows minority shareholders include the Vanguard Group, Blackrock, HSBC Global Asset Management (UK), as well as Dubai’s Al Mal Capital and Abu Dhabi’s ADCB Asset Management.
Geopost acquired a 20.15% stake in Aramex in October 2021 at AED 1.4 billion for 295 million shares, calculated at AED 4.74 per share.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
