Mohamed Alabbar has resigned from his position as board member of Dubai-based international logistics company Aramex, according to a statement filed to the Dubai Financial Market (DFM).
The statement noted that Alabbar resigned through a letter dated April 11 for “personal reasons”.
In July 2016, Aramex founder and vice-chairman Fadi Ghandour sold his entire 9.9 stake in the company to Gulf investors including Mohammed Alabbar.
At the time, it was reported that the stake was worth approximately $142 million.
Alabbar still owns a stake in Aramex through a number of holding companies, including Boson Ventures Corporation and Joana Investments.
Another board member, Christine Holgate – who represents the Australia Post Transaction Services Pty Ltd – resigned from Aramex’s board as of April 10.
Last month, Australia Post sold a 10 percent stake in Aramex for $164 million, according to a DFM filing.
Aramex limits foreign ownership to 49 percent.
The firm reported AED 492 million ($133.95 million) in net profit in 2018, a 13 percent rise from the previous year. Revenue rose 8 percent to AED 5.08 billion ($1.38 billion).
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