Aramex closes key acquisitions and forms Joint Ventures in Asia and Turkey
Aramex, the global logistics and transportation solutions provider, today announced a series of strategic acquisitions and partnerships in Turkey, Malaysia, Bangladesh and Vietnam.
The company has increased its shareholding to 100% of Aramex Turkey, previously a partially owned subsidiary that has performed strongly in the country, achieving continuous annual growth to date. This acquisition positions Aramex as a fully committed logistics and supply chain provider in Turkey, allowing the company higher levels of flexibility to expand its presence and carry on further investments in the world's 16th largest economy, which registered average annual real GDP growth of 6% between 2003 and 2008.
Aramex has also acquired a majority stake in Avanti, a leading express courier company in Malaysia, providing Aramex with a platform to enter the country's expanding logistics and supply chain sector. This acquisition will pave the way for the introduction of the full suite of Aramex portfolio of products and services in Malaysia, including integrated logistics solutions, international and domestic express delivery, freight forwarding, records and information management solutions, and e-services, such as e-business solutions and Shop&Ship, the company's online shopping delivery service.
In addition, Aramex has acquired a majority stake in Expo Express Services, the company's subsidiary in Bangladesh, reinforcing Aramex's operations in this high-growth Asian nation. With pro-investment government policies, a sustained influx of multinational firms and continued expansion in exports, Bangladesh has witnessed year-on-year GDP growth of between 5-6% since 1996.
In Vietnam, Aramex has formed a joint venture partnership with Masan Services, a wholly owned subsidiary of Masan Corporation, to launch advanced logistics solutions in one of the world's fastest growing economies. Masan Corporation is the majority shareholder of Masan Group which is one the largest listed private-sector companies in Vietnam. This partnership, will allow Aramex to start introducing its complete range of products and services in Vietnam in 2011.
"Aramex has embarked on a new phase of growth and expansion and this is just the beginning of the company's investments in key emerging markets," said Fadi Ghandour, Aramex founder and CEO. "Today's announcement marks the first step towards the fulfillment of our strategy of being the company of choice in these emerging markets. We hope to soon announce further investments in Africa and Asia, and continue to build up on this strategy well into 2012."
Othman Aljeda, Chief Executive Officer, Aramex Asia, said: "These acquisitions and joint ventures are a culmination of Aramex's efforts over the past two years towards building a comprehensive network in Asia. They will enable us to offer our comprehensive logistics and transportation services, and facilitate the expansion of our customer base and extend our market presence in Asia."
He added that the increased presence in Vietnam and Malaysia will strengthen Aramex's existing South East Asian network in Singapore and Indonesia, while the acquisition in Bangladesh will complement Aramex's operations in India and Sri Lanka
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