Aras Kargo wraps up its share increase
Austrian Post now holds a share of 80 percent in Aras Kargo
Aras Kargo, one of the most important names in the shipping sector in Turkey, has reached an agreement with Austrian Post, which has held 25 percent of the shares since 2013, to increase its share. The sale, bringing Austrian Post"s share to 80 percent, was officially completed on 25 August 2020. Correspondingly, Baran Aras will continue to hold a 20 percent share in Aras Kargo and will be cordially represented on the Board of Directors.
Georg Pölzl, CEO of Austrian Post, made the following statement: "I am thrilled that our partnership with Aras Kargo, which dates back to 2013, has today resulted in an increase in our shareholding, as we agreed back in the day. Turkey represents an attractive, dynamic, strong and growing market. We are confident in Turkey"s potential and are committed to pursuing our investments. The increase of our share in Aras Kargo is a direct result of the rigorous execution of our strategy to grow in selected markets."
The activities of Aras Kargo, reaching a good dynamic with an average growth of 15 percent over the past three years, will be further expanded, Austrian Post stated in a press release. Austrian Post will proceed with its activities with the aim of further strengthening the dynamic position of the brand in the market and investing in customer-oriented solutions of the company, thus following the course set by Aras Kargo thus far.
Peter Umundum, Member of the Management Board of Austrian Post responsible for the Parcel and Logistics Division, stressed that annual investment targets are planned in the three-digit million range: "We would like to express our gratitude to the Aras management team, all employees and of course the Aras family for their contribution to making Aras Kargo one of the leading shipping companies in Turkey today. Secondly, we would also like to thank all relevant Turkish institutions, notably the Investment Office of the Presidency of the Republic of Turkey, which mediated in the settlement of the dispute between the parties and enabled Aras Kargo to develop during this period."
Baran Aras remarked: " By the end of the lengthy legal process with our Austrian partner, we have reached an agreement on the new partnership structure in a spirit of reconciliation. May our new formation be beneficial for all parties and our country. Aras Kargo, started 41 years ago on solid and valuable foundations by my late father Celal Aras, the founder of our company, has kept developing step by step, as have all the employees who have taken over the flag. We have transformed it into one of the companies with the widest distribution network in Turkey. Today, we will continue our journey unabated, strengthened by our 14,000 employees and our new organisation."