Jaona Investment buys stake in Aramex

Jaona Investment has bought a 6.55% stake in Aramex for AED437.55m. The deal was executed yesterday (28 July) and officially recorded on the Dubai Financial Market (DFM) website.

There has been some interesting movement in Aramex shares. Earlier this week, there were reports – still not yet officially confirmed – that Aramex co-founder and vice chairman Fadi Ghandour had sold his stake in the courier company to Mohamed Alabbar and other Gulf investors.

Yesterday also saw Aramex releasing its figures for the second quarter (Q2) of 2016 – which showed a net profit of AED125.7m, up 36% from Q2 2015 – and announcing that the Board of Directors will be holding a meeting next Tuesday (2 August) “to discuss routine matters and business updates”.

There is very little publicly-available information about Jaona Investment. Indeed, the only information that an Internet search about the group reveals is that it has just bought a stake in Aramex.