Aramex’s founder sells stake to Alabbar

Purchase was made through Alabbar Enterprises at above market price

Aramex founder and vicechairman Fadi Ghandour sold his entire 9.9 per cent stake in the logistics company to Gulf investors including Emaar Properties chairman Mohammad Alabbar, two people with knowledge of the deal said.

The purchase was made through Alabbar Enterprises at above the market price, and the family company is buying additional shares in the Dubai-listed courier on the stock exchange, said the people, who asked not to be identified because the information isn’t public.

Goldman Sachs Group Inc. advised Mohammad Alabbar on the transaction, according to two of the people. The stake was worth about Dh523 million ($142 million) at Monday’s closing price.

The holding will help Alabbar Enterprises build a regional, web-based business, including in fashion retail, by giving it access to a distribution company. Emaar is the biggest publicly traded real-estate company in the UAE and the developer of Dubai’s Burj Khalifa, the world’s tallest skyscraper. Ghandour and Aramex didn’t respond to calls seeking comment.

A spokesman for Goldman Sachs in London declined to comment. A spokesman for Alabbar said he couldn’t immediately comment.

Aramex shares rose 5.5 per cent to close at Dh3.81 yesterday in Dubai trading, the biggest gain since January. The shares have risen 19 per cent in the past 10 days. A UAE-based investor group led by Alabbar in June agreed to buy a $2.36 billion stake in Kuwait Food Co.