Malaysian investment holding company PUC will invest RM90 million (US$23 million) in Celcom Planet (CPSB), which owns and runs e-commerce platform 11Street Malaysia.
PUC, which provides integrated media, e-commerce and technology services, says the deal will give it management control of 11Street Malaysia.
Meanwhile, CPSB claims to be one of the largest e-commerce companies in Malaysia.
It is a JV between Axiata Digital Services and Korean-owned SK Planet Global Holdings
“The investment paves the way for the company to increase potential revenue streams in advertising and media, and financial services from the synergistic collaboration for the company and its subsidiaries,” PUC says in a Bursa Malaysia filing.
As part of the terms of the deal, PUC will have the right to nominate and appoint the CEO and chief marketing officer of 11Street Malaysia.
For last year, 11Street Malaysia recorded a GMV of about RM427 million, selling more than 13 million products from 40,000-plus sellers.