Tong Herr Resources Bhd, a manufacturer of stainless-steel fasteners, is allocating about USD 5.5 million for the setting up of a plant in Thailand this year. Group managing director Tsai Ming Ti said in an interview that the business in Thailand would be a joint-venture exercise, involving the participation of an overseas partner. âA new company will be registered in Thailand soon to manage the plant. THRB will hold a 50% stake in the company, while our partner holds the remainder,â? he added. Tsai said a seven-acre property in SE Thailand had been identified as the site of the plant. âConstruction work for the new plant will begin later this year. It is scheduled for completion in the third quarter of 2005,â? he said.
