Emirates Post to spend up to USD500 million on Asia acquisitions
Emirates Post will put a strong focus on Asia under its “aggressive” international expansion strategy, according to director general Abdulla Al Daboos. The Dubai-based company is ready to spend about USD400 – USD500 million on acquisitions in a bid to become an important regional player, he told participants at the Asia Pacific Mail & Express 2006 conference in Singapore this week.
Outlining the organisation’s growth strategy, Al Daboos commented: “This means buying, like everybody else”. Emirates Post currently has three ‘due diligences’ under way in India, two in the UK and one other in Europe, he revealed. It is also looking at China. The fast-growing postal operator is looking in particular at courier and freight forwarding companies, he said.
An Emirates Post Group holding company would be formed shortly, and a 49% stake would then be floated on the Dubai stock exchange, Al Daboos said. He aims to raise about USD1 billion from the IPO.
