18/06/2026

BIZ & FINANCE THURSDAY | JUNE 18, 2026

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RNG Tech: IPO proceeds to support expansion, growth

EPMB starts building vehicle painting facility in Malacca PEGOH: EP Manufacturing Bhd (EPMB) has started construction of a vehicle painting facility in Pegoh, Malacca, marking another major milestone in the development of an integrated automotive manufacturing ecosystem in the state. The new facility reinforces Malacca’s growing position as one of Malaysia’s most dynamic automotive industrial centres, supporting the complete vehicle manufacturing value chain from localisation, component manufacturing and logistics to vehicle assembly, painting and export distribution. With this investment, EPMB said it continues to advance its vision of creating a one-stop automotive manufacturing hub capable of serving global automotive brands and supporting Malaysia’s ambitions to become a leading regional centre for automotive production and exports. With the addition of the paint facility, EPMB added it is strengthening its transformation from a traditional Tier-1 component supplier into a vertically-integrated automotive manufacturing partner. The company now offers end-to-end manufacturing solutions encompassing localisation development, parts production, CKD operations, vehicle assembly, painting, quality assurance, testing and regional export support – all within its Pegoh manufacturing campus. Executive director Hamidon Abdullah said, “Vehicle painting is one of the most technologically advanced processes in automotive manufacturing. The establishment of this facility represents much more than an expansion of our production capabilities – it is a strategic investment in the long-term development of Malacca’s automotive ecosystem.” He added that by integrating painting operations into their existing manufacturing campus, EPMB will be able to provide global automotive brands with a complete CKD manufacturing solution within Malaysia, covering localisation, assembly, painting and export readiness. This significantly enhances their value proposition as a manufacturing partner for international OEMs. The announcement reflects the rapid growth of EPMB’s automotive manufacturing business, which has expanded from a single OEM programme into strategic collaborations with four major automotive groups from China: GWM, BAIC, SAIC-MG and XPENG.

KUALA LUMPUR: Operator of the “Rest N Go” brand of vending massage chair services RNG Tech Bhd has launched its prospectus in conjunction with its initial public offering (IPO) exercise on the ACE Market of Bursa Malaysia Securities Bhd. RNG Tech Bhd, through its subsidiaries, is primarily involved in the provision of vending massage services under the “Rest N Go” brand. By revenue, it is the largest vending massage chair operator in Malaysia, holding a 66.2% market share in 2025. The group offers convenient, accessible and affordable on-the-go massage services through vending massage chairs strategically placed at high-traffic waiting areas including shopping malls, airports and highway rest stops. Its operations are supported by an integrated digital infrastructure, comprising a meter reading system that enables real-time remote monitoring. The RNG mobile application, which has more than 600,000 registered members supports digital payments and enhances customer engagement. Since setting up its first RNG station in Selayang Mall, Selangor in 2009, the group has expanded its presence across Malaysia, Singapore, Thailand, Cambodia and Brunei Darussalam. As at May 18, 2026, it owns and operates 5,611 vending massage chairs across 1,438 RNG stations and RNG premium outlets located in these five countries. In addition, a further 2,458 vending massage chairs are deployed in Vietnam and the Philippines under licensing arrangements. Managing director Datin Sophia Tan Sok Fei said the proceeds from the IPO totalling RM16.4 million will support their next phase of growth through the expansion of their vending massage chair network, the refurbishment and upgrading of RNG stations and RNG premium outlets, as well as the strengthening of their operational capabilities. The proceeds will also be utilised for marketing expenses, repayment of borrowings and working capital. For the financial year ended Dec 31, 2025 (FY25), the group recorded revenue of RM49.3 million, representing an increase of 22.3% from RM40.3 million in FY24, primarily driven by the expansion of RNG stations and RNG premium outlets with an increased number of massage chair placements in high-traffic locations. Profit after tax (PAT) stood at RM6 million,

o Vending massage chair services operator commands 66% share of market in Malaysia by revenue in 2025

From left: RNG Tech Bhd executive director and chief financial officer Garry Shin Kok Leong, executive director and CEO Terence Chang Kai Ren, Tan, independent non-executive chairman Tengku Datuk Setia Putra Tengku Azman Shah, non-independent non-executive director Datuk Goh Cheh Yak, M&A Equity Holdings Bhd managing director Datuk Bill Tan and corporate finance head Gary Ting.

offer for sale of 78.8 million existing shares (Offer Shares), representing approximately 10% of its enlarged issued share capital. Of the 126.1 million Issue Shares, 39.4 million Issue Shares will be made available to the Malaysian public via balloting; 11.8 million Issue Shares to eligible directors and employees (Pink Form Allocation); while the remaining 74.9 million Issue Shares will be allocated by way of private placement to selected Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). Meanwhile, of the 78.8 million Offer Shares, 23.6 million Offer Shares will be made available by way of private placement to selected Bumiputera investors approved by Miti, with the balance 55.2 million Offer Shares to be placed out to selected investors. RNG Tech is scheduled to be listed on the ACE Market of Bursa Securities on July 7.

compared with RM14.5 million in FY24. The lower PAT was mainly due to the absence of a one-off gain on disposal of RM2.5 million recognised in the previous year, as well as higher costs arising from the group’s rapid expansion. These included higher depreciation expenses, direct operating costs and staff costs which represent upfront investments to support the group’s longer-term growth. Tan said, “FY25 was an important year of expansion for RNG Tech with contributions from three newly acquired markets namely Thailand, Cambodia and Brunei. We expect their contribution to improve in the following financial year as we further scale our chair network across these markets.” The IPO exercise entails a public issue of 126.1 million new ordinary shares (Issue Shares), representing approximately 16% of the enlarged issued share capital of the company, as well as an

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