Lebanon Invest sells stake in LibanPost
Lebanon Invest, the investment branch of Banque Audi has sold its shares in national postal service LibanPost to the Investcom Group. The investment group is selling its stake in the firm just 15 months after it paid $12 million to former shareholder SNC Lavallin, reported Daily Star.
The price tag on the deal has yet to be confirmed, however Lebanon Invest sources have suggested that the sum is equivalent to the amount that was paid to SNC Lavallin. The former Canadian investor held a 66 percent stake in LibanPost. It pulled out of the investment as a result of lower than expected revenues.
LibanPost offers consumers and commercial customers a wide range of domestic and international products and services including mailing instructions, dangerous goods, domestic mail, international mail, xpresspost, postal outlets and lobby boxes. It has been improving and modernizing mail collection and sorting operations, installing letter boxes across the country, refurbishing points-of-sale, and having retail outlets sell stamps, money orders and other services. — (menareport.com)
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