KUALA LUMPUR: TT Vision Holdings Bhd has allocated over RM4 million in capital expenditure (capex) this year to expand its plant on a 0.81ha of land in Bayan Lepas Free Industrial Zone, Penang.
The machine vision equipment maker’s plant is currently undergoing phase four expansion and is expected to be fully commissioned by the third quarter of 2019.
Executive chairman Goon Koon Yin said the expansion would increase the plant’s total floor space to 53,000 sq ft from 22,000 sq ft and boost operational capacities.
“At the moment, we are running at 80% capacity of our current manufacturing plan and it is time for us to expand the facility, as we received more demands from local and overseas for our products,” he said.
Speaking to reporters during the company’s listing on the Leap market of Bursa Malaysia today, Goon said it would also utilise the capex to strengthen its research and development centre as it strives to introduce new products and equipment in the market.
Meanwhile, the company is also planning to venture into the overseas market, such as Taiwan and European countries.
“We will be participating in few exhibitions, conferences around the world to promote and introduce our products to the international market,” Yin said.
To-date, TT Vision has exported its products to various countries including South Korea, China, Hong Kong, Germany, Thailand, United States, Singapore and the Philippines.
Exports contributed more than 50% of the company’s current total revenue.
TT Vision debuted at 21 sen, a premium of three sen from the offer price of 18 sen, with 50,000 shares traded.
The initial public offering exercise entailed a private placement of 40 million new ordinary shares, which raised RM7.2 million with market capitalisation standing at RM69.03 million.
TT Vision is a Malaysian Technology Development Corporation’s (MTDC) investee company.
It primarily involved in the inspection of optoelectronic, solar wafers and cells, discrete components and integrated circuit, as well as vision-guided robotic equipment.