Toll to operate Cambodian railway
Asian logistics and transport specialist Toll Group said Tuesday it will operate Cambodia's freight rail network under a 30-year concession from the government.
Sydney, Australia-based Toll will also provide related freight services as part of a joint venture with Cambodian conglomerate Royal Group, which has a 45 percent stake in the new enterprise.
The concession is designed to achieve the government's goal of improving intermodal rail service and integrated logistics to help support economic development.
The agreement is conditional on $145 million in loans from the international community to upgrade the rail network and develop an intermodal facility in the capitol of Phnom Penh. The Asian Development Bank has committed to finance a large portion of the amount needed.
Meanwhile, Toll said it has also acquired Perkins Group Holding, parent company of Perkins Shipping, which provides land transport and logistics services in addition to ocean shipping.
Services offered by Perkins Shipping include ocean transport between Darwin, Australia, and Singapore and coastal shipping throughout northern Australia.