Austrian Post gets majority share in Turkish Aras Kargo
Majority stake in Turkish parcel service now held by Austrian Post thanks to formal closing of transaction
ANKARA
Austrian Post has taken a majority share in prominent Turkish parcel service Aras Kargo, showing its determined strategy of aiming to grow in selected markets, it said.
The formal closing of the transaction to raise Austrian Post’s stake from 25% to 80% was completed on Tuesday, the company said in a statement.
"Turkey is an attractive, dynamic, and strongly growing market," said Georg Polzl, Austrian Post’s CEO.
"We continue to believe in the country and also want to invest in it in the future."
The statement underlined that the company plans to expand Aras Kargo’ business.
Aras Kargo posted an average growth of 15% per annum over the past three years, it said.
"We plan annual investments in the three-digit million Turkish lira range," said Peter Umundum, a member of Austrian Post’s board.
Baran Aras, Aras Kargo’s chair, stressed that the move will bring prosperity to all stakeholders and Turkey.
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