Toll takes lead in Dubai joint venture

Toll Group has entered into a transaction agreement where it will become the majority shareholder in its joint venture with Dubai-based logistics service provider CWT-SML.

Under the terms of the agreement Toll will acquire a further 35 per cent interest from Albwardy Investment LLC, increasing its shareholding from 20 per cent to 55 per cent. CWT-SML will continue as a shareholder with a 45 per cent shareholding.

“A key element of our strategy is to expand our core businesses in high-growth markets,” said Toll Managing Director, Alan Beacham. “Dubai is a rapidly growing logistics hub that serves as a gateway to Europe, the Middle East, Africa, and South Asia.”

CWT-SML operates five distribution centres in Dubai, providing warehousing, logistics and transport services to long-term, blue-chip customers across a variety of sectors. The company employs about 170 workers.

Upon completion, Toll Group, as the majority shareholder, will oversee the strategic direction of the joint venture while the operations will be managed as part of Toll’s Dubai operations.

“Our investment in CWT-SML underlines our commitment to this market and strengthens our operations across the region by offering integrated solutions for our customers,” Beacham said.

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