Singapore precision engineering company Metasurface Technologies, which is listed on the Hong Kong Stock Exchange’s Growth Enterprise Market (GEM), made its dual primary listing on Catalist on Wednesday (4 November) to broaden its shareholder base and raise its profile.
Chua Chwee Lee, Founder, Executive Director and CEO of Metasurface Technologies, told Lianhe Zaobao that the rapid expansion of the semiconductor industry in recent years had driven the company’s growth. It expects to apply soon to transfer to the mainboard.
According to a statement from Metasurface Technologies, it plans to place 18 million new shares at S$0.54 each, raising a total of S$9.72 million. Its market capitalisation will reach about S$90 million after the placement. UOB Kay Hian is the sponsor, issue manager and placement agent.
Metasurface Technologies is a Singapore-headquartered precision engineering company whose business was established in 2000.
In a recent interview with Lianhe Zaobao at its factory in Tuas View Circuit, Chua said the group mainly provides precision machining and precision welding services. It operates on a build-to-print model, producing components according to customers’ designs and technical specifications.
The company’s customers are mainly in the semiconductor industry, but also include businesses in aviation, data storage, and oil and gas. Chua said that despite the rapid growth of its semiconductor business in recent years, the company continues to ensure that it draws demand from a diverse range of sectors.
He sees aerospace as the next growth area. Demand from the oil and gas industry is also expected to recover. “After the recent conflicts and bombings sparked by geopolitical tensions, a great deal of equipment around the world needs repairs.”
As of the end of June this year, the group had 183 employees, with 149 in Singapore and 34 in Malaysia. Chua said the Malaysian factory mainly handles basic work such as polishing and heavy metalworking, while Singapore focuses on high-tech operations.
These include all precision welding processes. The Singapore factory is also equipped with computer numerical control (CNC) machines, which automatically cut, shape and engrave materials such as metal and plastic according to pre-programmed computer instructions.
On its financial performance, the company’s revenue for the 2025 financial year rose 26.3% year on year to S$47.598 million, mainly driven by increased demand for precision machining and welding services from the semiconductor supply chain. Full-year net profit was S$10.103 million, up from S$3.193 million in the 2024 financial year. Earnings for the 2024 financial year were affected by S$2.6 million in one-off Hong Kong listing expenses.
In the first half of this year, the group’s revenue grew a further 8.9%, from S$24.766 million a year earlier to S$26.978 million. However, net profit attributable to shareholders fell from S$8.756 million to S$3.705 million. Earnings in the same period last year included a one-off gain of about S$6.4 million arising from the loss of significant influence over an associate and the reclassification of the investment.
Company to apply for mainboard transfer after listing
Chua said the performance of Singapore’s stock market in recent years, particularly the government’s series of policy measures to improve liquidity and the performance of semiconductor stocks, had given him greater confidence in the market. He also said the company would apply to the Singapore Exchange (SGX) for a waiver soon after its Catalist listing to transfer to the mainboard.
In terms of customer concentration, the group’s two largest customers contributed 27.2% and 25.7% of revenue respectively in the first half of this year, while its third-largest customer accounted for 13.7%. Together, the top three customers accounted for about two-thirds of the group’s revenue during the period.
Precision engineering involves using high-precision machinery and specialist expertise to process and manufacture components to exacting specifications. A key precision engineering company listed on the Singapore Exchange (SGX) is UMS Integration, whose main customer is US semiconductor company Applied Materials. UMS Integration’s share price has risen more than 150% so far this year.
