By Matthew Henry
SYDNEY: Melbourne-based CE brand Teac Australia will list on the Australian Securities Exchange (ASX) in April through its parent company, TTA Holdings, marking a new phase in the unraveling saga since the brand’s 2005 collapse.
Teac remains the sole business interest of TTA, which announced this morning it will begin trading on the ASX on 28 April.
Formerly known as the Austral Waste Group (AWG), TTA will divest of its waste business to become a consumer electronics company, with Teac as its cornerstone, pending final shareholder approval.
In yet another twist, TTA will be 87 per cent owned by Teac’s previous owner, Singapore-based TT International, which purchased Teac Australia in September 2006.
Formerly a leading brand in the television category, Teac’s recent history in Australia has been littered with woe, with three changes of ownership in as many years.
The brand faced financial collapse and was placed into receivership in March 2005, but was bailed out by its Japanese parent company and re-launched to the Australian market.
After becoming a 100 per cent owned subsidiary of Japan’s Teac Corporation, the brand was sold to CE group TT International and then again in 2007 to AWG.
The company was also fined $175,000 by the ACCC late last year for price-fixing.
But Teac sees its impending float as a positive step for its future in the Australian market.
“We are proud of our recent achievements and confident of strong future success,” said Teac Australia general manager, James Phoon, in a statement this morning.
“The prospect of seeing our company list on the ASX confirms Teac Australia’s long term commitment to the Australian market.
“I believe that this investment opportunity is exceptional as we continue to grow our brand. It allows Australian investors to become a part of our future as a well-established Australian brand that will increasingly invest in an innovative product range.”
A copy of Teac’s prospectus can be viewed here http://www.teac.com.au/newsitems/ProspectusandSupplement.