JEDDAH: Abu Dhabi’s sovereign wealth fund has submitted a cash offer that will see it acquire 100 percent of Aramex’s shares, according to an announcement made by the logistics company on Monday.

The offer, which is conditional, comes from Q Logistics Holding LLC, a fully owned subsidiary of ADQ. It targets the portion of Aramex’s issued and paid-up share capital that is not already owned by Abu Dhabi Ports Co.

ADQ was established in 2018 and has a broad portfolio of domestic assets, including Abu Dhabi state carrier Etihad Airways and Abu Dhabi Ports Co., through which it holds a 22.69 percent stake in Aramex.

Aramex confirmed that the proposal will be presented to its board of directors. The company also stated that it will adhere to the required procedures in accordance with the decision of the chairman of the Securities and Commodities Authority regarding the Rules of Acquisition and Merger of Public Joint Stock Companies. 

Following the acquisition offer, Aramex’s shares opened at 2.65 dirhams ($0.72), up from the previous close of 2.31 dirhams. 

In its statement, Aramex noted that shareholders, excluding Abu Dhabi Ports Co., would receive 3 dirhams per share in cash. This offer represents a 33 percent premium over the closing share price of 2.25 dirhams as of Jan. 9. Furthermore, the offer price is a 35 percent premium over the one-month volume-weighted average price of 2.23 dirhams per share.

The company also stated that it would provide further updates on any material developments related to the offer.

In a separate announcement on Jan. 8, Aramex revealed a major step in its efforts to decarbonize logistics in the oil and gas sector. 

The company launched its first commercial deployment of electric trucks and charging solutions in the UAE, in partnership with Admiral Mobility, a local electric vehicle solutions provider. The new fleet includes eight-tonne Farizon electric trucks, each equipped with a 162 kWh battery, certified for use in both the UAE and Saudi Arabia.

This initiative aligns with Aramex’s broader strategy to offer sustainable logistics solutions to its clients while reducing the environmental impact of industrial supply chains. 

The company emphasized that the electric trucks will specifically benefit its oil and gas sector clients by offering efficient and eco-friendly transportation options. Aramex remains committed to achieving carbon neutrality by 2030 and net-zero emissions by 2050.