Aramex may tap debt market as it seeks funding

Dubai: Aramex on Monday said it may tap the debt market for the first time since its IPO as it seeks financing for acquisitions.

The Dubai-based company has been expanding into Asia and is seeking more acquisitions this year, targeting Turkey, Nigeria and Thailand.

"With our acquisitions last year our cash went down, but being a company that has very little debt our debt capacity is quite substantial," Chief Executive Officer Fadi Ghandour said. "If we do an acquisition over a certain size we will have to tap the debt market. It will be something between $50 million and $100 million."

Aramex had borrowings and overdrafts of Dh41 million ($11 million) at the end of 2011, according to its financial statement.