Toll Group selling and buying
The Australia-based logistics company Toll Group said Thursday it has divested itself of a stake in a Chinese oil and gas supply company.
In another development, Toll said it has acquired an Australian poultry transport company.
Toll has sold its 16.6 percent interest in Shenzhen Chiwan Petroleum Supply Base (SCP) for about $50 million.
'SCP has been moving away from developing oil and gas supply base operations and into industrial property development and leasing,' said Toll Group Managing Director Paul Little. 'Our effective interest of 16.6 percent in SCP is a non-core asset for Toll. The transaction will generate cash proceeds which will further strengthen the group's balance sheet while having an immaterial impact on current year profit result.'
Meanwhile, Toll has acquired the business assets of McLaughlin Freightlines (MFL), a specialist transport provider to the Australian poultry industry, for $25 million.
'MFL is a highly strategic acquisition adding strength to our existing Toll Refrigerated, Toll SPD and Toll QRX rail businesses,' Little said.
Toll Group selling and buying
