One of Thailand's richest men and Cambodian tycoon Mong Reththy agreed to develop a 50-million-U. S.-dollar sugar refinery and plantation in Koh Kong province, local media reported Tuesday.

The businessmen announced the plan on Monday. Billionaire Charoen Sirivadhanabhakdi said he will have a 49 percent share in the new factory, to be completed by December 2008, while Mong Reththy will have a 51 percent stake.

The men will invest 50 million dollars in the factory and a system of contract sugarcane farming in Sihanoukville municipality and Koh Kong, Kampot and Kompong Speu province, they said.

"This is the first Cambodian sugar refinery and will create 10, 000 jobs," The Cambodia Daily quoted Mong Reththy as saying. "I think this sugar refinery will be able to replace imported sugar products from Thailand and maybe export also," he said, adding that Cambodia currently imports 70 million dollars in white cane sugar each year.

According to the factory plans, it will produce 60,000 tons of white sugar, 24,000 tons of molasses and 6 million liters of alcohol per year. Cambodia imported 250,000 tons of white sugar from Thailand last year, the plans said.

Charoen Sirivadhanabhakdi is the principal owner of ThaiBev, which produces Chang Beer and first discussed building a sugar factory and beer factory in September.

Source: Xinhua