SINGAPORE - Singapore-listed Soo Kee Group has entered a memorandum of understanding with leading Thai jeweller Aurora Design, it said Thursday.

They will set up a joint venture firm in Thailand, with an initial paid-up capital of 30 billion Thai baht (about S$1.2 million). Soo Kee will hold a 40 per cent stake, while Aurora will hold 60 per cent.

The joint venture will sell gold and diamond products under Soo Kee's Love & Co brand in Thailand.

Soo Kee will also license and supply intellectual property rights, products and support to the joint venture.