Department store Myer has begun reviewing a possible listing of the company on the local stock exchange, which could occur by the end of the year, after an improvement in market conditions.
An initial public offer of shares was being considered after the company recorded solid fourth-quarter sales growth and because it was ahead of schedule on a 50-month turnaround program.
Myer chief executive Bernie Brookes said the review should be completed by December but the timing of any public offer was ultimately the decision of its major shareholders US private equity and investment firms TPG Capital and Blum Capital, and The Myer Family Company.
Myer was bought by a consortium led by TPG in 2006 from Coles Myer, which later became Coles and is now part of Wesfarmers. TPG and Blum Capital hold 84.2 per cent of Myer with The Myer Family owning 8.3 per cent of its equity. About 400 staff shareholders hold 7.5 per cent. AAP
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