Vitrox investing in new Penang facility

  • Business
  • Wednesday, 17 Aug 2005

Chu Jenn Weng

VITROX Corp Bhd, scheduled for listing on the Mesdaq market next month, is investing some RM9mil to establish a new facility in Bayan Lepas Industrial Park, Penang. 

About RM6mil of the amount would be generated from the company's initial public offer (IPO) and the remainder from internally generated funds, group managing director Chu Jenn Weng said after the launch of Vitrox's prospectus by Penang Chief Minister Tan Sri Dr Koh Tsu Koon yesterday. 

The IPO is expected to raise proceeds of RM10.56mil, of which RM3.04mil will be allocated for overseas market expansion, and research and development (R&D) purposes.  

Now under construction, the facility will be involved in R&D, and assembly and testing of equipment. It is scheduled to begin operations in the first quarter next year. 

Chu said that after listing, the group would pursue plans to penetrate markets in Europe, Japan, Taiwan, China and the US. ”The immediate plan is to set up offices in China and Taiwan,” he said. 

Chu said the group’s competitive edge was in its ability to produce state-of-the art high-speed vision inspection systems for semiconductor manufacturers locally and overseas. 

“Our automated system, comprising hardware components and proprietary software from the group, acts as the intelligence behind the machinery to assist semiconductor manufacturers in inspecting the quality of their products at high speed, with accuracy level being one-tenth of a strand of human hair, or a high-speed check of 30 components in a second. 

“The automation of the inspection process enables Vitrox’s clients to cut down on waste caused by mechanical and dimensional effects,” he added. 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

AME REIT trustee proposes acquisition of AME Elite industrial properties for RM69.3mil
Bursa Malaysia ends lower
Bursa Malaysia CEO takes over as chairperson of CEO Action Network
No merger of AirAsia's aviation business - Tony Fernandes
G7 price cap on Russian oil kicks in, Russia will only sell at market price
Cagamas concludes issuance of RM1.09bil bonds, sukuk
Bursa Malaysia aims for 300 PLCs to participate in transformation programme by 2025
Oil prices climb after Opec+ keeps output cut targets, China eases Covid curbs
Chinese snack maker Weilong Delicious aims to raise up to US$141mil in trimmed-down Hong Kong IPO
Yuan jumps past 7 per dollar as China eases some Covid curbs

Others Also Read