A US$200m joint venture between Cambodia’s Chip Mong Group and Thai company Siam City Cement Pcl was signed yesterday, paving the way for the Kingdom’s second operating cement factory.
Leang Meng, chief executive of Chip Mong Group, told reporters at a Phnom Penh signing ceremony that the investment was a good opportunity as Cambodia’s continuing development meant it required large amounts of cement. “Under this collaboration, [Chip Mong] will not only be able to sell its products in the Kingdom but also will be able to export to other countries,” he said.
“We hope that both companies will be able to successfully expand their businesses.” The contract, signed at Raffles Le Royal Hotel, will see the companies establish a cement plant in Kampot province which can produce about 1-1.5Mta of cement, said Leang Meng. He said the plant’s construction, set to start next year, will take 24 months and the business is slated to start operating in 2013.