Industrial conglomerate Siam Cement PCL (SCC.TH) said Wednesday its board has approved a plan to invest 3.2 billion Thai baht (about US$ 80 million) in a new integrated cement plant in Cambodia, according to a news report.
Siam Cement will hold a 90% stake in the venture, while Khaou Chuly Group, a Cambodian investor, will hold the remainder 10 percent, Siam Cement said in a statement to the Stock Exchange of Thailand.
The statement said the cement plant is expected to begin operations by 2008 with an annual production capacity of 850,000 metric tons.
An official in the Khaou Chuly Group who asked not to be identified confirmed the joint venture but was surprised that the news got out at this time. He said the company plans to make the announcement next month.
An official in charge of press inquiry in the Cambodian Investment Board (CIB) told VOA by phone that he has not seen any application or any documents from the Siam Cement PLC after spending a few minutes to go through the board's database.