Toll to become majority shareholder in its Dubai joint venture
Toll Group today announced that it has entered into a transaction agreement where it will become majority shareholder in its joint venture in Dubai, CWT-SML Logistics LLC, according to the company's release.
Under the terms of the agreement Toll will acquire a further 35% interest from Albwardy Investment LLC, thereby increasing its shareholding from 20% to 55%. CWT will continue as a shareholder with a 45% shareholding.
CWT-SML operates five distribution centres Dubai, providing warehousing, logistics, and transport services to long-term, blue-chip customers across a variety of sectors. The company employs around 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.
CWT-SML is a leading contract logistics service provider in Dubai, the United Arab Emirates, with five distribution centres totalling more than 820,000 square feet and an open yard strategically located in the JAFZA and DLC free trade zones. The company provides inbound logistics, warehousing, outbound logistics, value added and transportation services, serving long-term customers across the automotive, retail, industrial, and technology sectors.
