Commerce

SK Telecom not promoting stake in e-commerce unit 11Street to Amazon


SK Telecom, a significant cell provider, denied a information report on Monday that it’s planning to promote a stake in its e-commerce unit 11Street to ecommerce large Amazon in a bid to bolster its on-line retail enterprise.


Native media had earlier reported that Amazon will train its proper to accumulate a 30 % stake in 11Street, and that the US retailer might purchase as much as a 50 % stake within the South Korean e-commerce firm.





SK Telecom and Amazon strengthened ties in November final 12 months to collaborate in e-commerce and made an settlement whereby the U.S. tech large has the best to accumulate a stake in 11Street, stories Yonhap information company.


“We’re collaborating to launch a service in order that Amazon merchandise could be immediately bought inside 11Street,” SK Telecom stated in a press release. “There isn’t a ongoing matter concerning a stake switch.”


The wi-fi provider at the moment owns an 80 % stake in 11Street and is planning an preliminary public providing for the net retailer subsequent 12 months.


–IANS


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(Solely the headline and movie of this report might have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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