Dubai: Dubai-listed Aramex is looking to make up to three acquisitions this year, its chief executive, Hussein Hachem, said on Thursday.
The logistics and transportation company is in early discussions to buy companies in Africa, Asia and the US, he said.
Aramex expects to raise $150 million (Dh550 million) from a consortium of local and international banks in the UAE in 2015, and plans to spend between $100 million and $120 million of that to fund acquisitions, with the rest on building a warehouse in Dubai Logistics City, according to Hachem.
“We will sign the documents needed towards that [in the next week to 10 days],” he told reporters at a press conference in Dubai on Thursday.
The company’s debt equity ratio is 8 per cent.
Hachem further said that banks are keen on lending the company up to “$300-$400 million.”
Aramex, which competes with the likes of FedEx and DHL, had expanded in Africa and Australia through acquisitions last year.
In December 2014, the company spent $16.5 million to buy the master franchise for South Africa-based retailer PostNet, which offers services like printing and courier, from OneLogix Group.
In its Africa expansion push, Aramex bought Berco Express, a South African logistics and transportation company, in 2011.
Earlier in 2014, however, Aramex acquired Australian courier company Mail Call Couriers for A$33 million (Dh114 million).
The company is interested in making acquisitions of a higher value, according to Bashar Obeid, chief financial officer at Aramex.
“If anything interesting and exciting comes our way that is of a $50 million, $70 million, $80 million or a $100 million acquisition, we will not rule it out,” he said.
