SOCAM Development Ltd. (0983.HK) agreed to sell its entire stake in a cement making joint venture to its French partner for 2.55 billion Hong Kong dollars ($329 million).

The Hong Kong-listed company said Tuesday it will sell a 45% stake in Lafarge Shui On Cement Ltd. to Financiere Lafarge, a unit of France's cement and concrete producer Lafarge S.A.

It expects to book a HK$103 million gain from the stake sale.

SOCAM Development, which has been seeking to sell its cement operations since 2013, said the disposal would allow it to focus on its construction business and to capture opportunities arising from a massive public housing programme recently announced by the Hong Kong government.

Write to Joanne Chiu at joanne.chiu@wsj.com

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