The Americas

Mideast courier Aramex founder cashes out 10-percent stake

The founder of Mideast courier Aramex has sold a nearly 10-percent stake in the Dubai-based company.

Aramex said in a stock exchange filing Sunday that founder Fadi Ghandour has sold all of his stake in Levant Logistics Holdings, a Cayman Islands-based company that controls a 9.9-percent stake in Aramex. The buyer was another Cayman Islands-based company, Boson Ventures Corporation.

Aramex did not disclose when the sale happened or at what price. Based on the most recent Aramex closing price, the stake is worth 579.8 million dirhams ($158 million).

Aramex shares rose on the news, gaining 2.8 percent to 4.11 dirhams by early afternoon even as the broader Dubai Financial Market declined.