Release Date: 24 September 2007
Release ID: 1351
Toll’s takeover offer of Sembawang Kimtrans Ltd closed last week and Toll has now dispatched the necessary notices to exercise its right to compulsorily acquire all remaining Kimtrans shares – a precursor to the full integration of Kimtrans into its existing operations.
Toll’s Managing Director Paul Little said the highly successful S$241.1 million (A$191.3 million) takeover of Kimtrans was a key plank in Toll’s Asian strategy.
“This is a great outcome for Toll – the integration of Kimtrans with Toll’s existing operations is a key element in our strategy to become the Asian region’s leading integrated logistics provider” Mr Little said. “Acceptances for Toll’s Offer exceeded 90%, Kimtrans is already suspended from trading and Toll will move to delist Kimtrans.”
“Toll’s priority now is to work with the combined management team on an aggressive growth strategy for the Asian business.” “Detailed integration planning is well advanced, and we are very excited by the opportunities identified for future growth of the combined business”, Mr Little said.
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