MI Technovation Bhd: Company Profile, History and Business Segments
MI Technovation Bhd is a Penang-based semiconductor company incorporated in 2007 and listed on Bursa Malaysia. The company operates across semiconductor equipment and semiconductor materials, and is recognised — alongside ViTrox Corp Bhd, Greatech Technology Bhd and Pentamaster Corp Bhd — as one of the Big Four automated test equipment (ATE) manufacturers listed on the exchange. As at the time of reporting, MI Technovation carried a market value of approximately RM3.5 billion.
Quick Facts
| Incorporated | 2007 |
| First machine sold | 2010 |
| Listed on Bursa Malaysia | 2018 (eight years after incorporation, per company disclosure) |
| Headquarters | Penang, Malaysia |
| Industry | Semiconductor equipment and materials |
| Group CEO | Oh Kuang Eng (executive director and group CEO) |
| Official website | Not stated in the supplied sources |
| Listing status | Listed on Bursa Malaysia |
Establishment and Early Development
MI Technovation was incorporated in 2007. The company produced and sold its first machine in 2010, establishing its foundation in semiconductor automated equipment. It went public on Bursa Malaysia eight years after incorporation, according to information reported by The Edge and cited by MIDA.
The company’s name reflects its stated positioning as a technology innovation company, not merely a local ATE manufacturer. From its early years, MI Technovation concentrated on the design and production of equipment used in semiconductor packaging and testing processes.
Business Segments
As of the reporting period covered by the supplied MIDA article (August 2024), MI Technovation operated two main business units:
Semiconductor Equipment
The equipment segment covers the design and manufacture of a range of semiconductor-related machinery, including:
- Wafer level chip scale packaging sorting machines
- Vision inspection machines
- Final test handlers
- Assembly machines
- Wafer fabrication tools
- Testing instruments
The group’s equipment business maintains a presence in Malaysia, Taiwan, South Korea, China and the United States.
Semiconductor Materials
MI Technovation entered the semiconductor materials segment through the acquisition of Taiwanese company Accurus Scientific Co Ltd for RM271 million, satisfied via the issuance of 74.25 million new shares at RM3.65 each. The acquisition was completed on 19 April 2021.
Accurus Scientific manufactures solder spheres used in advanced semiconductor packaging — including ball grid array and wafer level packaging applications — and operates across Taiwan, China and Singapore. The company describes solder balls as a critical component in enabling compact, high-performance processors used in smartphones and other devices.
Following the acquisition, MI Technovation characterised itself as the first and only semiconductor company in Malaysia operating in both the equipment and materials segments. This characterisation is a company claim, as reported by MIDA; it has not been independently verified in the supplied sources.
Leadership
Oh Kuang Eng serves as executive director and group CEO. A graduate of Universiti Malaya with a Bachelor of Engineering (Mechanical), Oh has more than 25 years of experience in the semiconductor industry, with a background in semiconductor automated equipment and process development. Prior to founding MI Technovation, he worked as an equipment technology and automation engineer with Hewlett-Packard.
As at 8 April (year not explicitly stated in the supplied source, with the article dated August 2024), Oh held a 67.16% controlling stake in MI Technovation.
Yong Shiao Voon, Oh’s wife, also sits on the board as executive director and chief financial officer.
Among MI Technovation’s top 30 shareholders, as reported, are UBS AG Singapore, AIA Bhd, Hong Leong Value Fund, Hong Leong Balanced Fund, Public Islamic Select Treasures Fund and Tokio Marine Life Insurance Malaysia Bhd.
Financial Milestones
In the financial year ended 31 December 2020 (FY2020), MI Technovation recorded a net profit of RM54 million on revenue of RM229 million.
In the first quarter ended 31 March 2021 (1QFY2021), net profit declined to RM3.51 million — a fall of approximately 65% from RM10.29 million a year earlier. The group attributed the decline in part to one-off operating expenses of RM7.7 million in employees’ bonus and welfare payments made during the Covid-19 pandemic.
In the second quarter ended 30 June 2021 (2QFY2021), net profit recovered to RM26.1 million, representing a 44% year-on-year increase and a 644% quarter-on-quarter increase. The stronger result included the maiden contribution from Accurus Scientific, whose results were consolidated from 19 April 2021. Accurus Scientific accounted for approximately 23% of group revenue and 10% of profit before tax in that quarter.
Key Milestones
| 2007 | MI Technovation incorporated |
| 2010 | First machine sold |
| 2018 | Listed on Bursa Malaysia (approximately eight years after incorporation) |
| 2019 | Ten-year diversification roadmap commenced, targeting four business pillars by 2029 |
| 19 April 2021 | Acquisition of Accurus Scientific Co Ltd completed for RM271 million; semiconductor materials segment established |
| August 2024 | MIDA article published; company reported market value of approximately RM3.5 billion |
Strategic Roadmap and Planned Expansion
MI Technovation has outlined a 10-year roadmap beginning in 2019, with a stated goal of operating four distinct business pillars by 2029. As of the MIDA reporting date, two units — semiconductor equipment and semiconductor materials — were active.
Group CEO Oh Kuang Eng indicated that a third business unit, focused on high-tech advanced packaging, advanced solutions and services, and specific semiconductor manufacturing processes, was under development by a dedicated research and development team. He noted that an acquisition to accelerate this unit’s development was also under consideration.
A fourth business unit targeting commercial electronic products for the mass market, incorporating high-technology content, was also described as part of the longer-term plan. Specific product categories and timelines for these two units had not been publicly disclosed at the time of reporting.
Oh projected that the materials business would contribute approximately 30% of group revenue from the year following the Accurus Scientific acquisition, with the equipment business accounting for the remaining 70%. These are forward-looking statements by company management and do not represent independently verified outcomes.
Primary source: MIDA article, “MI Technovation aims to be a diversified semiconductor solutions provider,” published 17 August 2024, available at https://www.mida.gov.my/mida-news/mi-technovation-aims-to-be-a-diversified-semiconductor-solutions-provider/.
Illustrative photo: Semiconductor Wafer of Microelectronics.jpg by DrHughManning / Wikimedia Commons. CC BY-SA 4.0. Resized for display.
