More Than 30 Local ATE Companies In Penang, At Least 10 Listed On Bursa Malaysia

GEORGE TOWN, Nov 13 (Bernama) -- Penang is currently home to more than 30 local Automated Test Equipment (ATE) companies, at least 10 of which are listed on Bursa Malaysia, with a combined market capitalisation of approximately RM40 billion.

Chief Minister Chow Kon Yeow said the development reflected the growing capabilities of homegrown ATE companies and their increasingly important role in the country's semiconductor and advanced manufacturing supply chain.

He said the ATE industry in the state was further supported by an ecosystem of more than 80 industry partners, including precision engineering firms, which formed an important backbone of the sector.

“This shows that local ATE companies are no longer merely supporting players but have the capabilities and potential to expand and compete at a higher level,” he told reporters after the Penang ATE Campus Memorandum of Understanding (MoU) Exchange Ceremony and MedTech Collaboration Workshop at the Penang Skills Development Centre (PSDC) here today.

Also present were PSDC chief executive officer Datuk Dr Hari Narayanan and InvestPenang chief executive officer Datuk Seri Loo Lee Lian

Chow said the machinery and equipment (M&E) sector had consistently ranked among the top three contributors to Penang's approved manufacturing investments since 2020, recording RM30 billion from 2020 to the first half of 2026.

He said the amount represented more than 40 per cent of Malaysia's total approved manufacturing investments in the M&E sector during the same period.

He said the National Semiconductor Strategy (NSS) had also set a target of developing 10 local companies with annual revenues exceeding US$1 billion and another 100 companies with annual revenues of at least RM1 billion.

According to him, Penang already had four local ATE companies with annual revenues exceeding RM500 million, which were expected to move towards achieving the RM1 billion target.

"Our strategy is to develop the industry ecosystem comprehensively, particularly by helping small and medium enterprises (SMEs) grow into local champion companies.

"We hope that one day these companies will be able to grow into multinational corporations (MNCs) or companies with RM1 billion in revenue. We will start with the RM1 billion target first," he added.

He also encouraged MedTech industry players to engage with local ATE companies to explore opportunities for collaboration, co-development and technology localisation.

At the event, he announced that Boston Scientific had signed an MoU with InvestPenang to kick-start a pilot project under the Penang ATE Campus initiative and the MoU marked the 12th pilot project agreement executed under the initiative.

-- BERNAMA