Thailand’s Siam Cement PCL said Monday that it has signed a memorandum of understanding (MoU) to acquire a 51% stake in Quality Construction Products PCL in a deal worth THB816m ($24.6m).

Under the MOU, Siam Cement will buy Quality Construction’s 204 million shares at THB4 each, the company said in a filing to the Stock Exchange of Thailand.

Siam Cement will purchase a 10.25% stake from Land & Houses PCL, a 24.33% stake from Quality Houses PCL, a 14.97% stake from Asian Property Development PCL, and the remaining 1.45% from Q.H. International Co.

The MoU may be terminated if the conditions aren’t met within a month from the date of the MoU, or if there are any material changes to Q-Con’s share value or its business that may negatively affect the transaction, it said.

If the transaction is completed, Siam Cement must launch a tender offer for the remaining shares of Quality Construction.