TRANSPORT and logistics giant Toll Holdings still has an appetite for big acquisitions and yesterday the company announced the next stage of its plan for pan-Asian expansion by taking a stake in a Hong Kong freight operator.

News of the move emerged after Toll shareholders voted overwhelmingly in favour of a plan to split the business into two separate listed companies.

The outcome of the series of meetings yesterday was a foregone conclusion with more than 95 per cent of proxy votes being cast in favour.

Under the demerger arrangement, Toll Holdings will remain an integrated logistics services business with annual revenue in excess of $7.5 billion.

The company's rail freight network, Pacific National, and the Patrick ports business - acquired last year in a $6 billion takeover - will be spun off into a new listed entity trading under the name Asciano.

Asciano, which will be run by Mr Little's former deputy and Toll director, Mark Rowsthorn, is expected to generate more than $2.5 billion in revenue to June 30, Mr Rowsthorn told shareholders yesterday.

After the meeting, Mr Little disclosed that Toll had recently taken a strategic stake in Hong Kong-based freight forwarder Cargo Services.

Details of the move will be announced to the market later this week.

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