UAE’s Aramex to sell courier unit to Australia Post

Dubai-listed logistics firm Aramex said Thursday it plans to sell its Sydney-based MailCall Couriers to Australia Post’s StarTrack Courier.

Aramex will also form a joint venture (JV) with Australia Post targeting the global e-commerce market, with a particular focus on Asia, it said in a bourse statement.

The JV intends to acquire Australia Post’s StarTrack International global e-commerce postal solutions business, Aramex said.

The statement didn’t give a value or a time frame for the potential deal.

Ahmed Fahour, managing director and group CEO of Australia Post, said the alliance with Aramex will help grow the Australian e-commerce market, capturing more inbound e-commerce parcel volumes. It will also “provide a platform for outbound growth, particularly for Australian small businesses,” he added.

Aramex announced a 12 percent Y-o-Y increase in net profit to AED 96.9 million for the first quarter of 2016, up from AED 86.6 million in Q1 2015.