Aramex announced yesterday it had sold its stake in Sydney-based MailCall Couriers to ST Couriers Holdings for USD32.85mn. MailCall generated USD10.6mn revenue in 1H16. Aramex bought MailCall for USD31mn in June 2014. In June 2016, Aramex announced it will form a 60%-owned JV with Australia Post that targets the global e-commerce market, with a particular focus on Asia. Aramex previously stated that the JV intends to acquire Australia Post’s StarTrack International global e-commerce business; additionally, Aramex should sell its 100%-owned Mail Call Couriers to StarTrack (estimating sale proceeds will be sufficient to cover its share in the JV). The JV will further help connect Australian businesses and consumers to the global economy and the fast-growing Asian e-commerce market. Australia Post will provide the last-mile delivery in Australia, utilising the existing network to deliver volumes generated by the joint venture. It is worth noting that Australia Post owns 4.5% of Aramex since August 2016. (Company disclosure, Wafaa Baddour)   Aramex: AED4.00 as of 05 September 2016, Rating: Buy, FV: AED4.45 per share, MCap: USD1,596mn, ARMX UH / ARMX.DU