Aramex founder Ghandour sells entire stake to Boson Ventures

The founder of Dubai-based logistics company Aramex PJSC sold his stake in the parent company to privately held Boson Ventures Corp.

Fadi Ghandour divested his holdings in Levant Logistics, which owns 9.9 percent of Aramex, to Boson Ventures, a provider of seed funding to tech companies, according to a statement to the Dubai bourse. The shares rose as much as 4.5 percent to the highest level since 2006.

On July 28, Jaona Investment LLC bought a stake in Aramex for 437.6 million dirhams ($119 million). Ghandour previously disposed of his shares in the courier company to Mohamed Alabbar, the chairman of Emaar Properties PJSC, and other Gulf investors, according to two people with knowledge of the deal.

Aramex said last week that second-quarter profit rose 36 percent to 125.7 million dirhams. Europe, Asia and Australia were the biggest contributors to growth. Revenue increased 17 percent to 1.1 billion dirhams.

source: Bloomberg