Thailand's largest industrial conglomerate Siam Cement Plc (SCC) will form a joint venture with Siam City Cement (SCCC) to buy stakes in a cement grinding company in Bangladesh.

In separate statements to the Stock Exchange of Thailand, SCC and SCCC said they would invest US$8 million and US$9 million respectively and acquire a 19% stake each in Hyundai Cement.

Holderbank (Switzerland) will be the major shareholder with a 55% stake while Transcom of Bangladesh will hold 7%.