Dubai: Jaona Investment LLC bought a stake in Dubai-based logistics company Aramex for Dh437.6 million ($119 million), days after a report its founder sold all his shares in the company to Gulf investors.

Jaona purchased 99.4 million Aramex shares at Dh4.4 each in a direct deal on the Dubai Financial Market, the stock exchange said in a statement on its website on Thursday. That’s 14 per cent more than the equity’s closing price on Wednesday. The shares rose 3.6 per cent as of 11:57am in Dubai. Jaona now holds a 6.55 per cent stake in Aramex.

Aramex founder and Vice-Chairman Fadi Ghandour sold his stake in the courier company to Mohammad Alabbar, the chairman of Emaar Properties, and other Gulf investors, two people with knowledge of the deal said on Tuesday. The shares were bought through Alabbar Enterprises and the stake will help the family-owned company build a region-wide, Web-based business, including fashion retailing, according to the people.

Direct deals are implemented through the trading engine during a special session between 8am and 8:30am, ahead of the market’s opening at 10am, according to the statement, which didn’t name the sellers.