APM, Thai firm in Vietnam auto seats joint venture

PETALING JAYA: APM Automotive Holdings Bhd via its indirect wholly-owned subsidiary, APM Automotive IndoChina Ltd (AAIL) has entered into a joint venture (JV) with TACHI-S (Thailand) Co Ltd to make and sell automotive seats in Vietnam.
APM said the joint venture company will also participate in seat design development.
AAIL will hold a 49% stake in the JV company, APM TACHI-S Seating Systems Vietnam Co Ltd, which has an investment capital and charter capital of US$2.5 million (RM10 million).
APM said the JV is in line with the group’s expansion plan to increase its share in markets outside Malaysia and is not expected to have a material effect on its financial performance this year.