Toll Group has announced it has entered into a transaction agreement where it will become majority shareholder in its joint venture in Dubai, CWT-SML Logistics LLC (CWT-SML).
Under the terms of the agreement Toll will acquire a further 35 per cent interest from Albwardy Investment LLC, thereby increasing its shareholding from 20 per cent to 55 per cent. CWT 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,” says Alan Beacham, Managing Director.
“Dubai is a rapidly growing logistics hub that serves as a gateway to Europe, the Middle East, Africa, and South Asia.
“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.”
CWT-SML operates five DCs in Dubai, providing warehousing, logistics, and transport services to long-term, blue-chip customers across various sectors. The company employs almost 170 workers.
Toll’s acquisition of the additional shares is subject to completion taking place which is expected to be end of November 2023.
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.
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