Oz Computer Chain Looks To List
Computer retail chain MSY Technology is one of those that’s been looking to list on the ASX after having been acquired by ASX-listed mining company Lanka Graphite for $19.8 million. Its principals will doubtless be looking anxiously at ASX developments in coming weeks.
The Dandenong, Vic.-based MSY has been trading for 22 years, selling computers, parts and software, and also operates an online store.
It has had some problems in the past, being fined $203,500 in 2011 by the Federal Court over misleading customers about their warranty rights; and another $750,000 by the same court in 2017 for “communicating to shoppers on its Web site, and in oral and e-mail communications, misleading information about whether they were entitled to a repair, refund or replacement after purchasing a faulty product”.
Both cases were brought by the Australian Competition and Consumer Commission, which stressed that under Australian Consumer Law, consumers are entitled to a refund, repair or replacement in cases where there is a major fault with the product.
MSY Technology today has 28 outlets across Australia: nine in Victoria, five each in NSW, Queensland and South Australia, two in WA and one each in Tasmania and the ACT.