KUALA LUMPUR (May 31): ACE-Market bound Edelteq Holdings Bhd registered a net profit of RM3 million on revenue of RM9.8 million for the first quarter ended March 31, 2023 (1QFY2023).
Some 62% of the group’s revenue or RM6.2 million came from the design, development and assembly of automated test equipment and factory automation, said the group in a statement.
Meanwhile, 22.1% or RM2.2 million revenue was contributed by the design and assembly of IC burn-in boards and the supply of printed circuit boards, while the remaining RM1.5 million (14.9%) was from the supply and refurbishment of IC assembly and test consumables.
There are no comparative figures for the preceding corresponding quarter as this is the first interim financial statement announced by the company to comply with Bursa’s listing requirements.
The ongoing relocation of multinational corporations’ factories from China, to Malaysia and Singapore present a promising outlook for the regional semiconductor market, further enhancing the group’s growth potential, said chief executive officer (CEO) Chin Yong Keong.
“Moving forward, we are committed to executing strategic initiatives that position Edelteq as an industry leader. By delivering exceptional value to our customers, we are poised to foster sustainable growth and maximise long-term shareholder value,” he said.
Edelteq is scheduled to be listed on the Bursa ACE Market on May 30, but the listing was delayed to June 7, after Chin was sued by Mi Technovation Bhd for alleged breach of employment contracts and abuse of legal process.
Chin was formerly Mi Technovation’s chief operating officer cum general manager.
Edelteq, however clarified that the dispute is a personal matter between Chin and Mi Technovation and had nothing to do with the group.
As part of its IPO, Edelteq is issuing 100 million new shares, representing 18.8% of its enlarged share capital, as well as an offer for sale of 43.2 million existing shares, representing 8.1% of the enlarged shares, by way of private placement to selected investors.
Based on an issue price of 24 sen per share and an enlarged share capital of 532.5 million shares, Edelteq will have a market capitalisation of RM127.81 million upon listing.
UOB Kay Hian Securities (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the listing exercise.