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Toll to raise $100m through asset sale

Nov 25, 2014

Transport and logistics group Toll Holdings expects to reap more than $100 million from selling a string of assets in Asia and Australia.

Toll is selling the bulk of its marine freight business in Queensland and the Northern Territory as well as its Global Express Asia parcel business in Singapore.

IT is also offloading its 50 per cent stake in its TdAS airport services business, the remaining 37 vessels from its Asia marine logistics business, and its stake in Indian truckload carrier BIC.

Toll will also review options for its offshore petroleum services oil and gas supply business in Singapore.

Managing director Brian Kruger said the sales would release significant capital and allow Toll to exit loss-making business and sell others that were not part of its future strategy.

He said Toll’s first half result would be impacted by significant items, particularly the exit the Toll Marine Logistics business in Asia.

Toll’s shares were one cent higher at $5.44 at 1042 AEDT.

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