Data provided by iNet BFA
Loading...
See More

Dubai firm acquires SA's Berco Express

Dec 13 2011 13:18 Reuters

Related Articles

Dubai royalty in debt talks - report

State rescue for indebted Nakheel

Gulf stocks drop on Middle East worries

LSE future uncertain after TMX failure

Gulf markets mixed in volatile 2010

M&R shares plunge on earnings report

 
Dubai - Dubai's Aramex paid $55.5m from its internal cash balance for the acquisition of South African logistics firm Berco Express, the company said on Tuesday.

The UAE-based logistics company said on Sunday that it had completed the acquisition of Berco and would look to further expansion across southern Africa by opening additional offices and warehouses.

" ... the investment cost in the acquisition reached $55.5m and it was completely financed through Aramex' existing cash balance", the company said in a statement to the Dubai bourse.

The acquisition is part of the company's strategy to expand internationally and follows a recent joint venture with SinoAir in China, and the acquisition of OneWorld Courier and In-Time Couriers in Kenya in the first quarter.

Berco Express operates 15 branches throughout South Africa and employs more than 700 people.
dubai  |  sa economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Retirees regret living it up in days gone by

Many people only realise when it is too late that the money they splashed out on pricey cars and holidays should have been saved for a cushy retirement instead.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...