PUC to invest US$23 million in e-commerce platform 11 Street Malaysia

Mon Apr 23, 2018 - 10:00am UTC
11Street
PUC to invest US$23 million in e-commerce platform 11 Street Malaysia

11 Street Malaysia

23/4/2018 – Malaysian investment holding company PUC Berhad said that it will make a MYR 90 million (about US$23 million) investment in Celcom Planet Sdn Bhd (CPSB), which indirectly grants it the management control of Malaysia e-commerce platform 11Street Malaysia.

In a filing with Bursa Malaysia, PUC entered into a term sheet with Celcom Planet Sdn Bhd, Axiata Digital Services Sdn Bhd (ADS) and SK Planet Global Holdings Pte Ltd (SKP) for the proposed deal. Celcom Planet is a joint venture between ADS and SKP, which owns and operates the 11Street Malaysia e-commerce platform.

The deal will pave the way for the group to increase potential revenue streams in advertising media and financial services, as well as rights to nominate and appoint the chief executive officer and chief marketing officer of 11Street Malaysia.

PUC Berhad is a company that provides integrated media, e-commerce, and technology services. It offers media planning and execution services that help advertisers to build their branding and achieve marketing objects.

The company owns and operates a social marketing and e-wallet platform known as Presto, and expects to benefit from 11Street Malaysia e-commerce infrastructure and cross markets its services to the consumer and merchant base of 11Street Malaysia.

11Street was originally a leading e-commerce company in South Korea, operating under the management of SK Planet Co., Ltd. In 2015, it expanded its operations to Malaysia by partnering with Axiata Group and establishing 11Street Malaysia.

According to PUC, “The impact of the investment on the group’s share capital and shareholding structure will be announced at the later date when the equity fundraising component of the overall funding structure for the investment is finalized and announced.”

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.