Australia Post has sold its stake in Middle Eastern package-delivery service, Aramex PJSC (Aramex), a company listed on the Dubai Financial Market,

According to Bloomberg.com, Australia Post Transaction Services Pty sold its 10 %  holding in Dubai-based Aramex for around 603 million dirhams ($164 million). That opens the way for more investors from outside the Gulf to buy stakes, since the stock was almost at the 49 % regulatory limit of foreign ownership.

As announced in its 2017-18 Annual Report, Australia Post made a decision to divest its Aramex shareholding.

The reports states: “During the year, the Group has reviewed its international strategy. As a result of this review, the Group has committed to sell its 10.01 per cent shareholding in Aramex PJSC, an individually material investment in associate.”

Australia Post’s international growth strategy will continue to be supported by its wholly-owned business, Australia Post Global eCommerce Solutions (APG eCommerce Solutions), which has an established presence in key global eCommerce trade lanes, including Asia, the UK, Europe and the US.

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