Tag: Emirates Post

Emirates Post Corporation, the country’s official postal services provider, has decided to buy a 60 per cent stake in Wall Street Exchange Centre’s operations in the UAE, Hong Kong and Britain. Wall Street, which has nearly 10 branches in the UAE has another 10 in Hong Kong and London together. Gulf News was not able to reach officials of both EPC as well as Wallstreet for confirmation. Sources said a memorandum of understanding (MoU) has already been signed between the two for the deal, the value of which would be above USD10 million (Dh36. 7 million). The deal will be concluded soon, according to sources.

Emirates Post will float at least 40 per cent ofits shares in the local market by the end of this year, a top official from the company said yesterday.

Abdulla Ibrahim Al Daboos, director-general of Emirates Post, said that the issue will first be discussed with the board of directors and then with the Prime Minister cabinet for the final approval. The IPO will do tremendous impact on the financial market.

He said the company was not planning to go beyond that limit, according to a report in Khaleej Times Emirates Post expects to boost its annual turnover by 10 per cent this yearby continuing to diversify its range of services and believes postal services across the Gulf region can follow its example.