Aramex has announced that it has acquired a Saudi-Arabia based company, Saudi TAL for Commerce and Contract company, for USD80mn. This acquisition signals ARMX’s attempt to expand its operations in Saudi Arabia. The expansion will allow Aramex to further contribute to the development of leaner and more efficient operations in the markets it operates in and will allow it to focus on upgrading its last-mile delivery services, according to Aramex’s CEO. (Company release)
Aramex (DU): AED4.06 as of 10 Jan. 2019, Rating: Buy, TP: AED5.30/share, MCap: USD1,620mn, ARMX UH/ARMX.DU
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