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Pacific

Dubai-based courier Aramex sells stake to Australia Post

Associated Press
Published | Updated

DUBAI, United Arab Emirates – The Dubai-based courier Aramex says Australia's postal service has bought a 4.5 percent stake in the company.

Aramex confirmed the purchase by Australia Post in a disclosure to the Dubai Financial Market on Tuesday. It didn't provide financial terms.

Last month, Aramex founder Fadi Ghandour sold a nearly 10-percent stake in the Dubai-based company to a Cayman Islands-based company, Boson Ventures Corporation.