Aramex in acquisition talks with MNG

Company says final decision will depend on due diligence

Dubai-listed courier company Aramex, partly owned by Abu Dhabi state investor ADQ has confirmed it is in talks with Turkish delivery company MNG Kargo for potential acquisition of the Turkish firm.

In a regulatory filing to Dubai Financial Market (DFM), the stock exchange on which Aramex is listed, the company has confirmed that it is in talks with MNG Kargo.

“With reference to what some media outlets have published recently regarding Aramex PJSC (the “Company”) entering into discussions to acquire (MNG Kargo (MNG Kargo), we would like to confirm to the market and shareholders that the company has recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition. However, these discussions are still in their early stages as the company is conducting its initial evaluation,” CEO Othman Tarik AlJeda said.

Aramex, in which ADQ bought a 22.25 per cent stake last year, announced last week it has split its core businesses to capture growth in the post-Covid-19 transportation and logistics industry.

As part of the reshuffle, it has created a new regional structure and appointed a chief strategy officer.