DUBAI: Aramex, one of the largest logistics firms in the Middle East, has scrapped its limits on foreign ownership, according to a Bloomberg report.
The report revealed that Aramex has decided to raise the foreign ownership limit to 100 percent from 49 percent, becoming the first UAE-based company listed in Dubai to do so.
European logistics firm Geopost SA holds 24.9 percent of Aramex, while Abu Dhabi Ports Co. owns 22.3 percent, according to data compiled by Bloomberg.
Shares of Aramex rose 1.4 percent on Thursday, and it is now valued at $1.69 billion.
