March 29, 2007 -- KUALA LUMPUR: Mesdaq-listed MEMS Technology Bhd intends to move to the main board. “We will submit our application for the transfer after July when the current financial year ends,” said MEMS Tech director Ooi Boon Leong after the company's analyst briefing.
Ooi said the company had met main-board listing requirements, including the minimum paid-up capital of RM60mil.
He added that MEMS Tech had aborted the initial plan to merge with its sister company, AKN Technology Bhd, which was already listed on the main board technology sector. Ooi noted that things started to improve and that augured well for MEMS Tech.
The company had just sealed a contract with a US-based semiconductor-related group to supply silicon microphones. The contract will bring in up to US$40mil revenue to MEMS Tech.
He also disclosed that the company was already in the midst of ramping up its capacity. The company's capacity utilisation rate was at 75% to 80% currently, he added.
“We are investing RM70mil for new capacity. We want to increase our capacity up to 10 million units per month from current level of one million per month,” said Ooi.
MEMS Tech yesterday also announced that its net profit soared 53% to RM9.85mil for the six months ended Jan 31 from RM6.43mil in the previous corresponding period.
