Dubai Financial Market-listed express and logistics company Aramex announced on Monday its intention to partner with Orascom Telecom Media and Technology Holding (OTMT), Aramex said in a statement.
Aramex added that it will hold a meeting with OTMT on Wednesday to discuss the details of the move.
In September, Aramex said it is holding talks with OTMT to develop logistics areas in Egypt, noting that no agreement has been reached yet. OTMT has also told the Egyptian Stock Market that it aims to establish five logistics areas in five different governorates, with an investment of EGP 1bn.
OTMT disclosed in September that its partnership with Aramex would be through founding a joint venture, where OTMT would possess 51% of the stakes.
In the first half of 2015, Aramex registered AED 200m ($54.45m) in profits compared to AED 176.47m in the corresponding half of 2014.
In February, OTMT sold its 5% direct stake in the Egyptian mobile services company, Mobinil. It also sold its voting rights in MT Telecom, the holding company of Mobinil, to the French company Orange for $233m. The total capital of OTMT is estimated at EGP 2.2bn, divided over 5.2bn shares.
