Co-founder and chief executive officer Ooi Can Nix
PETALING JAYA: ACE Market-bound THMY Holdings Bhd expects robust growth ahead, driven by rising demand for electronic products that require stringent board-level testing.
Co-founder and chief executive officer Ooi Can Nix said this demand is fuelled by the expansion of electric vehicles (EVs), data centres and artificial intelligence (AI).
“EVs are getting more popular in Malaysia. Data centres and AI are expanding as well, and all of this depends on electronic products that support the infrastructure,” he told StarBiz.
THMY, through its wholly-owned subsidiary THMY Technologies Sdn Bhd (formerly Testing House Malaysia), provides automated test solutions for the electrical and electronics (E&E) industry, specialising in in-circuit test (ICT) and functional circuit test (FCT) capabilities.
According to Ooi, the group focuses on board-level testing – verifying electronic circuit boards that go into laptops, smartphones and other devices.
“After the boards are manufactured and components are mounted through the SMT process, our systems test them to make sure they function properly before being assembled into the final product,” he explained.
He added that board-level testing serves as a critical quality gate in electronics manufacturing, as errors at this stage can be costly downstream.
THMY currently operates from a 25,517 sq ft facility, with 83% already occupied, housing four ICT and three FCT workstations.
To meet demand, the group plans to increase this to 15 workstations by second quarter of financial year 2026, with 10 ICT and five FCT workstations.
“The increase in workstations is mainly to address the production capacity constraint we face currently,” Ooi said.
In parallel, THMY is planning a much larger second factory, about 3km away from its current site, funded mainly through its upcoming initial public offering (IPO).
The company is acquiring a 175,000 sq ft leasehold plot in Batu Kawan Industrial Park from Penang Development Corp for RM14.87mil, of which RM3mil will come from IPO proceeds, with the remainder funded internally through cash or bank borrowings.
Another RM22.9mil, or 51.3% of the IPO proceeds, will be allocated to the construction of the new factory, which is expected to cost RM29.35mil in total.
The balance RM6.45mil will also be funded internally.
The new facility will have a built-up area of 88,000 sq ft, with 70,000 sq ft dedicated to production – nearly three times larger than the current production area.
“Based on our discussions with our customers, we understand that their needs in the immediate future will primarily be on FCT solutions,” he said, noting that functional circuit test workstations typically require more space than ICT stations.
THMY initially intends to install 20 FCT workstations in the new facility that is expected to be completed by 2028 or 2029, with plans to double that to 40 over time.
To fund expansion, THMY is launching an IPO of 143.91 million new shares, or 16.2% of enlarged share capital, at 31 sen per share to raise RM44.6mil.
Of this, RM25.9mil (58.1%) will go to the new factory, RM3.7mil to machinery, RM5.23mil to debt repayment, RM1.9mil to R&D and RM3.09mil to working capital, with the balance for listing expenses.
There will also be an offer for sale of 88.8 million shares at 31 sen, which will see Ooi and his spouse, Chu Mooi Leng, pare down their stakes to 68.93% and 3.61% respectively, from 93.6% and 4.9%.
Post-listing and utilisation of IPO proceeds, THMY’s gearing ratio will fall from 0.69 times to 0.22 times.
The group is slated to debut on Oct 23.
For the financial year ended March 31, 2025 (FY25), THMY posted revenue of RM45.9mil, up from RM31.2mil in FY24, while profit after tax nearly doubled to RM10mil from RM6.8mil.
Its three-year compound annual growth rate stood at 96.6% for profit and 21.3% for revenue. THMY serves both small and medium enterprises (SMEs) and multinational electronics manufacturing services (EMS) players.
“SME customers as well as the global, all the well-known EMS customers, they are our customers. American EMS or Taiwanese EMS, we are already in their supply chain,” he said.
Despite concerns over US tariffs, Ooi said the impact is minimal, for now.
Looking ahead, Ooi believes THMY’s niche in board-level testing positions it well for growth as electronics become increasingly complex and embedded across industries.
“Yes, we provide total solutions, but our focus is on testing. That’s our niche, and we believe it will continue to support our customers in delivering quality products,” he said.
