Toll set to decide on Virgin Blue stake
An AAP report says that Toll Holdings says it will probably make a decision on the future of its majority stake in Virgin Blue by the end of the year.
Toll chief executive Paul Little said the company believed the time was right to make a final decision on its 63 per cent shareholding, which it inherited following a takeover of stevedore Patrick in 2006.
Since acquiring Patrick, Toll has been examining its options for the stake, which include either off-loading or retaining it, but Little said the company did not want to be in the passenger aviation sector in the longer term.
“In the longer term, the company believes it needs to decide whether it’s going to hold the Virgin Blue stake, or sell it down, or sell it totally,” he said. “They’re the three choices.”
He said the company saw its major role in adding value to low cost carrier Virgin Blue.
In July, Toll launched a new air-freight fleet comprising three Boeing 737-300F and two ATR42 aircraft. The planes, together with its 50 charter aircraft, provide a key platform for freighter services.
At the time, Toll and carrier Virgin Blue entered into an agreement for the provision of freight capacity on the Virgin Blue fleet.
Report by The Mole
John Alwyn-Jones
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