FINANCIAL NEWS

Dubai’s Aramex seeks funds for acquisitions this year

26 Mar 2012

(MENAFN) Dubai-based courier Aramex said it may resort to the debt market to finance future acquisitions, Bloomberg reported.

CEO Fadi Ghandour said that Aramex’s acquisitions last year shrank its cash, adding that the company may need between USD50 million to USD100 million loan for its future acquisitions.

Aramex plans more buyouts this year with Turkey, Nigeria, the Ivory Coast and Thailand under the scope, Ghandour said.

Aramex has been expanding into Asia, Africa and Europe through acquisitions and partnerships. The company said March 14 it signed a partnership agreement with CJ GLS. of South Korea. That followed a joint venture with SinoAir in China, and acquisition of OneWorld Courier and In-Time Couriers in Kenya, and Berco Express in South Africa.

The company reported 4 percent increase in profit last year, hurt by the political uprising that spread across the Middle East and the global credit crisis.

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