ViTrox to boost output capacity

AUGUST 29--ViTrox (Penang, Malaysia; www.vitrox.com.my/), which is to be listed on the Malaysian Exchange of Securities & Automated Quotation, is working toward doubling its production capacity to meet the increasing demand for its high-speed vision inspection systems. "We are tied down by our current production capacity, and because of this we plan to increase our output between two and three times in the immediate term," said ViTrox managing director Chu Jenn Weng. ViTrox is expected to make its debut on the Mesdaq Market in September.

The company plans to raise RM19.56 million from its flotation. It will sell 17.6 million new shares of 10 sen each at 60 sen a share.

Out of the total new shares to be sold, 3 million shares will be offered to the Malaysian public. Some 12.7 million shares will be made available for selected investors by private placement, while the remaining 1.9 million shares have been reserved for eligible directors and employees of ViTrox and its subsidiary, ViTrox Technologies.

ViTriox will allocate RM1.2 million of its proposed listing proceeds of RM10.56 million for research and development. The R&D spending will span over two years and will also include the acquisition of additional machinery and skilled labor.