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GeoPost, the express parcel arm of French Groupe La Poste, has acquired a 20.15% stake in Dubai-listed courier firm Aramex. Image Credit: File photo

Dubai: GeoPost, the express parcel arm of French Groupe La Poste, has acquired a 20.15% stake in Dubai-listed courier firm Aramex, according to a regulatory filing on Wednesday.

The French express logistics firm acquired about 295 million shares in Aramex, valuing the deal at Dh1.4 billion ($381.18 million), a filing on the Dubai Financial Market showed.

The deal was signed off on Wednesday, with 295 million shares trading at a price of Dh4.77per share.

Aramex’s revenues increased during the second quarter of 2021 by 21 per cent to reach Dh1.571 million, compared to Dh1.294 million during the same period last year.

GeoPost, owned by France’s Le Groupe La Poste powerful system, delivered 1.9 billion parcels worldwide during 2020, according to the company’s website.