Aramex board agrees to buy 25% stake in WS One Investment

Dubai: The board of Dubai-listed logistics company Aramex has approved the acquisition of 25 per cent of WS One Investment’s shares, according to a statement on the Dubai Financial Market (DFM) on Monday.

The acquisition will be for a consideration of around Dh9 million, Aramex said in the statement. WS One Investment provides cross-border mailbox consolidation services with operations out of Ohio in the United States.

Last year, Aramex acquired Australian courier company Mail Call Couriers for A$33 million (Dh94.6 million) and South Africa-based retailer PostNet for $16.5 million (Dh60.6 million).

Aramex posted a 10 per cent increase in net profit to Dh86.6 million in the first quarter of 2015, compared with the same period a year ago. Revenue also grew, having reached Dh930 million, up 9 per cent compared with the first three months of 2014.

The company expects profit to grow by 10 per cent this year driven by its “expanded operations in South Africa and Australia, e-commerce and domestic express [business],” said Hussain Hachem, chief executive of Aramex, in February.