Tag: Empost

Empost plans USD 408m Asia acquisitions

Posted by | Jan 20, 2008 | |

Emirates Post said it is in talks to spend as much as 1.5 billion dirhams (USD 408.4 million) on acquisitions in Asia, including Malaysia and Singapore.

“We want to expand our network of distribution, which is why we are interested in Asia because … it completes our market,” the chairman of Emirates Post, Abdulla al-Daboos, told Reuters in Dubai on Sunday on the sidelines of a meeting with reporters.

“Our investment will be between 1 billion and 1.5 billion dirhams over five years on acquisitions in Asian companies in postal and financial services,” Daboos said.

Daboos did not identify any target companies. Other countries include Thailand and Indonesia, he said.

Empost plans to sell as much as a 40 percent stake in an initial public offering in the second-half, valuing the company at not less than 3 billion dirhams, al-Khaleej and Emirates Business reported this month, citing Daboos and Sultan al-Mansouri, Minister of Governmental Sector Development.

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Emirates Post plans USD 408m Asia acquisitions

Posted by | Jan 20, 2008 | |

Emirates Post, the state-owned UAE monopoly postal service, said it is in talks to spend as much as 1.5 billion dirhams (USD 408.4 million) on acquisitions in Asia, including Malaysia and Singapore.

“We want to expand our network of distribution, which is why we are interested in Asia because … it completes our market,” the chairman of Emirates Post, Abdulla al-Daboos, told Reuters in Dubai on Sunday on the sidelines of a meeting with reporters.

“Our investment will be between 1 billion and 1.5 billion dirhams over five years on acquisitions in Asian companies in postal and financial services,” Daboos said.

Daboos did not identify any target companies. Other countries include Thailand and Indonesia, he said.

Empost plans to sell as much as a 40 percent stake in an initial public offering in the second-half, valuing the company at not less than 3 billion dirhams, al-Khaleej and Emirates Business reported this month, citing Daboos and Sultan al-Mansouri, Minister of Governmental Sector Development

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Empost plans IPO in second half of '08

Posted by | Jan 3, 2008 | |

State-owned Emirates Post (Empost) plans to sell up to 40 per cent stake to the public in the second half of 2008, a cabinet minister said in remarks published in al-Khaleej daily on Sunday.

The company had appointed advisors to complete a valuation of the its five divisions before the initial public offering, said Minister of Governmental Sector Development Sultan al-Mansouri, according to al-Khaleej.

The valuation would not be less than Dh3 billion (USD 816.8 million), Emirates Business quoted Empost Director-General Abdulla al-Daboos as saying last month.

Empost planned to use the money it raises to acquire logistics companies, financial services firms specialised in remittances and express mail companies in Asia, al-Daboos had said in 2006.

Mansouri, also chairman of the supreme committee for the supervision of the UAE telecom sector, confirmed that the country planned to reduce the amount of royalties the country’s two telecom firms pay to the government.

He did not give details. State-controlled Emirates Telecommunications Corp and du pay 50 per cent of annual profit to the federal government.

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Emirates Post plans USD 817m IPO

Posted by | Dec 17, 2007 | |

The Director General of state-owned Emirates Post (Empost) announced that the company is planning to start discussions with financial advisers next month on the sale of 49 percent of its shares to the public, Gulf Daily News reported.

He pointed out that the postal company would choose three lead managers and complete a valuation before starting the initial public offering (IPO), adding that the valuation of the offering may reach USD 817 million.

Empost planned to sell existing shares to Gulf investors and foreign residents of the UAE, he said last year. It would use IPO proceeds to acquire logistics companies, financial services firm specialized in remittances, and express mail companies in Asia, he added.

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Empost Targets Wholesale Business at Gitex Shopper 2007

Posted by | Sep 10, 2007 | |

Empost Targets Wholesale Business at Gitex Shopper 2007 UAE’s Courier, Cargo and Logistics company taking part in the top IT and Consumer Electronics Retail Event Speaking at GITEX Shopper and Consumer Electronics Expo 2007, the CEO of Empost, the UAE’s leading National Courier, Cargo and Logistics company, spoke of his aims to further expand its courier and cargo volume. The event at Airport Expo Dubai from 6-12 September, 2007, attracted over 130,000 buyers and visitors last year and is seen by Empost CEO, Sultan Al Midfa, as the forum to build awareness, expand the network and target wholesale business.

Visitors to Gitex Shopper will range from IT professionals to end users, technology enthusiasts to trade buyers and members of the general public with a keen eye for a bargain.

Empost launched last May 2007 it’s dedicate air freighter service. As the first local courier company in the region to achieve this, the event emphasized Empost’s transformation from a local courier company into an international freight forwarding and logistics solutions provider.

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