Siam Cement Industry Co, the flagship of the Siam Cement Group, and Denmark-based Aalborg Portland White have clinched an agreement to establish a joint-venture trading firm in Singapore to expand the market in Asia, reports the Daily Bangkok Post.

According to the Post, the new venture, Aalborg Siam White Cement Pte Ltd, will have US$500,000 in registered capital, with each side holding 50%. The Danish firm will invest through its Malaysian subsidiary, Aalborg RCI White Cement Bhd.

The other half will be owned by The Siam White Cement Co Ltd, a subsidiary of Siam Cement Industry and by Cementhai Trading (Singapore) Pte Ltd, a subsidiary of Siam Cement Trading Co. The new firm will soon set up its first branch in Taiwan to import white cement from the two companies' plants in Malaysia and Thailand.