Royal Group Denies Toll’s Exit From Local Railway Project
Royal Group chairman Kith Meng yesterday denied reports that Australian company Toll Holdings would be pulling out of a $140 million joint venture project to rehabilitate Cambodia’s railway system. Toll Holdings, in a joint venture with Royal Group, signed a 30-year contract with the government in June 2009 for operational control of the Cambodian Railway Network. In a report published on Tuesday, the Sydney Morning Herald cited a reliable source as saying that Toll Holdings would be abandoning the venture. “No, it is not true. It is just speculation,” Mr. Meng said, declining to comment further. But Council of Ministers spokesman Phay Siphan said yesterday that other foreign investors from countries including China were waiting in the wings, hoping to take over the railway project if Toll exits. …
