OSAKA -- In 1977, the yen's rise forced Showa Plastics Co. to set up its first overseas factory. The Osaka-based plastic components maker said there was "no (other) choice."

Now, opening the Singapore factory has turned out to be the best decision the firm could have made. Kenzo Nakagawa, president and chief executive of the company, said overseas investment and expansion is the best way to reduce business risks and increase management stability. "We want to be viewed both as a multinational company that originated in Japan and as a nonnational company based in Asia," Nakagawa said in a recent interview.

Showpla Asia Ltd., a Singapore-based subsidiary of Showa Plastics and the company's Asia headquarters, is expected to receive approval, possibly by next week, to become the first company to be listed on the Osaka Stock Exchange's foreign section, according to Nakagawa. The listing is expected in late August. The foreign section was established last October and created with the intention of offering financing opportunities to medium-size firms in fast-growing Asia. It is open only to companies based in East Asia (excluding Japan), Southeast Asia and Oceania. Subsidiaries of Japanese companies in such regions are allowed to join.