The Dubai-based Rasmala Buyout Fund recently announced that it had completed the tender offer of Aramex International Ltd, a provider of express package delivery, freight forwarding and other transportation and logistics services from and within the Middle East and the Indian Sub-Continent.
Rasmala’s wholly-owned subsidiary, Bermuda-based Rasmala Distribution Limited, thus acquired close to 96.48 percent of the outstanding common shares of Aramex prior to the expiration of the offer, confirmed a press release.
Any shares of Aramex that were not acquired in the tender offer are expected to be acquired by a compulsory acquisition at the same $12 per share cash price. The acquisition is being executed on a leveraged basis, with approximately $25 million in equity capital. Senior and mezzanine debt has been arranged by Shuaa Capital and Capital Trust, two leading investment banking groups from the Middle East.
Aramex, recorded revenues of $85.4 million in the first nine months of 2001. It is a provider of international and domestic express package delivery, freight forwarding, logistics and other transportation services primarily to, from and within the Middle East and the Indian Sub- Continent.
Rasmala Buyout Fund was formed to make equity and equity-related investments in leveraged acquisitions of a diversified portfolio of manufacturing, consumer distribution, logistics, banking and financial services, media, energy and other businesses located in the Middle East, North Africa and the Indian Sub-Continent. Rasmala Buyout Fund is managed by Rasmala Partners Ltd. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
