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Emirates Post to buy Indian company
By agencies
|
Wednesday, 15 November 2006, 20:30 IST
Dubai: Emirates Post will acquire an Indian cargo and courier company before its proposed privatization next year.
New business units are being created to handle logistics and remittances services to go into the global market.
An initial public offering of shares will take place "eventually" once restructuring of the company is completed. The holding company plan will be discussed with the ministerial committee next week. The entity is likely to be announced in the first quarter of 2007.
The company is trying to acquire freight forwarding, cargo and warehousing businesses in different parts of the world, particularly in Europe, the Middle East, India, China, the Philippines and Indonesia.
Due to the presence of millions of expatriates in the UAE and other Gulf countries, remittance services are expected to play a key role in Emirates Post's expansion.
It last year acquired a 60 percent stake money remittance firm Wall Street Exchange Centre.