KUALA LUMPUR: Vending massage chair operator RNG Tech Bhd expects Thailand’s growth momentum to continue after its debut on the ACE Market of Bursa Malaysia today, following stronger contributions from the market that helped lift first-quarter net profit to more than half of its full-year FY2025 earnings.
Managing director Datin Sophia Tan Sok Fei said the group recorded a net profit of RM3.4 million for the first quarter ended March 31, 2026 (Q1’26), representing more than 50% of the group’s net profit for FY2025.
“This was supported by stronger revenue contributions from the Thailand market following our successful bids for Lotus and Big C locations in September and October 2025,” she said during the company’s listing ceremony.
Lotus and Big C are among Thailand’s largest retail chains, providing RNG Tech access to high-footfall retail locations and underpinning its expansion in the country.
Thailand accounted for 21.8% of group revenue in Q1’26, making it the company’s largest overseas market while Singapore accounted for 12.8%. This means overseas markets contributed about 40.5% of group revenue during the quarter. The Malaysian market contributed 59.5%.
Chief financial officer Garry Shin Kok Leong said Thailand’s growth is expected to continue as the group scales up its overseas operations, particularly in markets entered only last year. “In future, we expect the Thailand growth will continue. And of course, for other countries, we just started in 2025. So definitely in 2026, we will focus on the growth of the market.”
However, he stressed that Malaysia would remain the group’s core market.
The company currently owns and operates 5,611 vending massage chairs across 1,438 RNG Stations and RNG Premium Outlets in Malaysia, Singapore, Thailand, Cambodia and Brunei. A further 2,458 vending massage chairs operate in Vietnam and the Philippines under licensing arrangements, bringing the Rest N Go network to more than 8,000 chairs across Southeast Asia.
Tan said the group’s expansion has been underpinned by its proprietary Meter Reading System (MRS), which integrates the company’s vending massage chairs with built-in Internet of Things (IoT) boards and SIM cards.
“At our core, we are a technology-driven company. To support our operations, we developed our own digital system called the Meter Reading System, or MRS, and integrated it with our vending massage chairs and built-in IoT boards and SIM cards. This system has been the backbone of our rapid expansion and is one of the key strengths that sets us apart from others in the industry.”
Following the listing, RNG Tech plans to deploy 810 new vending massage chairs this year, comprising 360 chairs across Malaysia and 450 chairs across its overseas markets. The rollout forms part of the group’s broader plan to deploy approximately 1,570 additional chairs over the coming years.
Shin said the company would continue targeting high-footfall locations.
Asked whether the group plans to establish wholly owned operations in Vietnam and the Philippines, where it currently operates through licensing partners, Shin said the immediate focus is on strengthening existing partnerships.
“For the moment, we will actually enhance our relationship with them and grow with them together.”
On acquisitions, Shin said the group’s immediate priority remains organic expansion in its existing markets, although it remains open to opportunities over the longer term. “At the moment, we will focus on our existing countries, Malaysia, Thailand. Definitely in the future, we are open to other opportunities in the long term.”
The operator of the Rest N Go vending massage chair network, which commands a 66.2% share of Malaysia’s vending massage chair market by revenue, raised RM16.4 million from its initial public offering (IPO) to fund network expansion, refurbishment of existing stations, marketing, debt repayment and working capital.
The retail portion of the IPO was oversubscribed by 7.8 times. At the IPO price of 13 sen, RNG Tech has a market capitalisation of approximately RM102.4 million.
Of the RM16.4 million raised from the IPO, RM4.9 million (29.9%) has been allocated for establishing new RNG Stations and RNG Premium Outlets, RM2.2 million (13.3%) for refurbishing and upgrading existing stations, RM3 million (18.3%) for repayment of borrowings, RM1.1 million (6.8%) for working capital and RM1 million (6.1%) for marketing activities. The remaining RM4.2 million (25.6%) will be used to defray listing expenses.
The company has adopted a dividend policy of distributing at least 30% of its annual profit after tax as dividends.
RNG Tech shares opened and closed at 13 sen, unchanged from its IPO price.
M&A Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.
