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Toll votes for dual listing, takes stake in HK forwarder
POSTED: 11:20 a.m. EDT, May 30,2007
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Australian transport and logistics giant Toll Holdings said it has received sufficient shareholder support to split the company into two listed entities, AFX news agency reported.
This came at a time when Toll also announced it had taken a stake in privately-owned Cargo Services, a Hong Kong-based freight forwarder, according to Asia Pulse news agency.
"We'll be making an announcement later this week in relation to a position we've taken, which we think will be a very important acquisition," said Toll managing director Paul Little.
The transport logistics group also announced that shareholder proxy votes favouring the dual listing scheme amounted to 384.9 million while those opposing the spin-off of Toll's infrastructure assets into a separate company called Asciano numbered 717,920.
Asciano is expected to be an A$8 billion (US$6.5 billion) company while Toll will retain A$7.3 billion of the assets including its Australian, New Zealand and Asian logistics businesses and a 62.3 per cent stake in low cost airline Virgin Blue Holdings.
Toll chairman John Moule said the company would be providing integrated logistics solutions using appropriate infrastructure within the Asia Pacific region and improve return on capital.
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