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January 23, 1997updated 05 Sep 2016 12:53pm

PLESSEY LAYS GROUNDWORK TO PREPARE FOR AUSTRALIAN FLOAT

By CBR Staff Writer

South African electronics company Plessey Corp Pty Ltd says it plans to list on the Australian Stock Exchange in about three years and is still on the lookout for acquisitions in Australia and the AsiaPacific region. Last month, it completed the purchase of the traffic systems, aerospace and communications divisions of AWA Ltd, which will form the core of newly-formed Plessey Asia Pacific Pty Ltd. The firm is 74%-owned by Plessey Corp and would be the vehicle floated in Sydney. The remaining 26% stake is shared by the RMB Australia Ltd bank and Marcel Corporate Pty Ltd.

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