The UAE-based courier firm Aramex is eyeing acquisitions in Africa and Asia, the company's chief executive said on Monday.
Fadi Ghandour said the focus for acquisitions would be in southeast Asia, Africa and CIS countries.
"There's going to be four to five acquisitions by Q1 2011 in Asia and Africa and at least three before year-end," he told reporters on the sidelines of an entrepeneurship event in Dubai.
Ghandour said that Aramex had about $100 million in cash to spend in the next two to three years.
"We normally acquire third party logistics and freight forwarding and express (companies). We rarely acquire 100 per cent of firms," he said.
Shares in Aramex are 40 per cent up this year.
In October, Aramex, which competes with global giants such as Fedex and DHL, said third-quarter profit rose 12 per cent, falling slightly short of analyst expectations.