<article>Malaysian investment holding company PUC Berhad has announced that it will make a RM90 million ($23 million) investment in Celcom Planet Sdn Bhd (CPSB), which owns and operates local e-commerce platform 11Street Malaysia.
The deal, PUC said in a Bursa Malaysia filing, will see the company take over management control of the e-commerce platform.</article>

Malaysian investment holding company PUC Berhad has announced that it will make a RM90 million ($23 million) investment in Celcom Planet Sdn Bhd (CPSB), which owns and operates local e-commerce platform 11Street Malaysia.
The deal, PUC said in a Bursa Malaysia filing, will see the company take over management control of the e-commerce platform.
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 brands and achieve marketing objectives.
CPSB, meanwhile, claims to be one of the largest e-commerce companies in Malaysia. It is a joint venture between Axiata Digital Services Sdn Bhd (ADS) — a wholly-owned subsidiary of Axiata Group Bhd — and SK Planet Global Holdings – a wholly-owned unit of South Korea’s SK Planet Co.
“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 said in the filing.
The group will be looking to benefit from 11Street Malaysia’s e-commerce infrastructure, and cross market its services to the consumer and merchant base of 11Street Malaysia. The move is expected to contribute positively to the growth of PUC’s flagship digital services platform, Presto.
As part of the terms of the deal, PUC will have the right to nominate and appoint the chief executive officer and chief marketing officer of 11Street Malaysia.
11Street was originally a leading e-commerce company in South Korea, operating under the management of SK Planet Co., Ltd. It expanded its operations to Malaysia by partnering with Axiata Group and established 11Street Malaysia in 2015.
The platform has since become Malaysia&#8217;s second-largest e-commerce marketplace. As of 31 December 2017, 11Street Malaysia recorded a GMV of approximately RM427million, selling more than 13 million products from over 40,000 sellers.
The company’s growth record has attracted big suitors looking to gain control of its business. In October last year, it was reported that Chinese giants Alibaba Group and rival JD.com were competing to back the online marketplace.
For PUC, the investment in 11Street Malaysia follows the launch of its homegrown social marketing and e-wallet platform, Presto. The platform allows shoppers to earn cash back and helps sellers to boost their presence and sales to shoppers, by leveraging social media engagement.
In its most recent investment, PUC announced in a Bursa filing in December last year that it will buy a third of the shares of Pictureworks, which provides imaging services to Kidzania and Legoland, for RM52.8 million.
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PUC to invest $23m in e-commerce platform 11Street Malaysia

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