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Teac Australia goes for ASX listing

Teac Australia goes for ASX listing

Teac aims to rebuild its presence in the local market and hopes ASX listing will boost brand confidence.

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Consumer electronics provider, Teac Australia, has its sights set on listing on the Australian Stock Exchange (ASX) in April via parent company, TTA Holdings.

Teac general manager, James Phoon, said listing on the stock exchange would help boost retailer confidence in the brand.

"Teac has undergone some changes. By subjecting ourselves to the reporting regime of the exchange, it will help us follow a much stricter reporting program," he said. "I think it will give retailers confidence that the company is in good shape. In the last two-and-a-half years, Teac Australia has grown quite profoundly in terms of our business and by going on to the ASX, it will allow us to gain future funding for growth as well."

Last year, Teac Australia was sold to Singaporean interests after going into administration in 2005.

Phoon said the company had done a lot in the past year-and-a-half to rebuild the distribution of the Teac brand through retailers including Harvey Norman, JB Hi-Fi, Dick Smith Electronics, Betta Group and Good Guys.

"We have started doing a fair bit of business with Harvey Norman. Three years ago that business did not really exist but now it comprises more than 10 per cent of our revenue and we intend to continue growing in that area," he said.

Teac is expected to go live on the stock exchange on April 28.

The company has had a chequered past in the local market. Last year, Teac was penalised for price fixing and was ordered to pay $175,000 by the Australian Competition and Consumer Commission. Its former CFO and director, Kenneth Evans, was sentenced to two-and-a-half years jail following an investigation by ASIC on the company's business practices.


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