TS to be blamed if 11St close down........ thanks to bad publicity by TS

from what i heard its industry espionage

I cancelled my order on 6th June and they already charge my credit card. Supposedly I will get refund in 7-14 days. Let's see.

U think here so powerful meh.... Its not even 4 pages. Can kolos thred lo

This post has been edited by taint8: Jun 25 2018, 04:24 PM

Dying...

http://www.theedgemarkets.com/article/puc-...reet-down-rm40m

KUALA LUMPUR (June 12): PUC Bhd has settled for a RM40 million investment in e-commerce platform 11Street Malaysia, less than half the RM90 million it had initially considered.

In a filing with the stock exchange today, PUC said its wholly-owned PUC Ventures Sdn Bhd (PUCV) has inked a share subscription agreement (SSA) with Celcom Planet Sdn Bhd, following a termsheet entered into on April 19.

“Pursuant to the SSA, PUC Ventures has agreed to subscribe to 12.348% equity interest in Celcom Planet for a total cash consideration of RM40 million, instead of subscribing for up to 24% equity interest in Celcom Planet for a total cash consideration of up to RM90 million,” read the filing.

The subscription includes a 1.72% equity interest in Celcom Planet, which was a done deal on April 24.

Concurrent with the execution of the SSA, PUC and PUCV also inked an amended and restated shareholders' agreement with Celcom Planet, SK Planet Global Holdings Pte Ltd (SKP) and Axiata Digital Services Sdn Bhd (ADS).

On completion of the investment, SKP will own a 44.7% stake in Celcom Planet, while ADS will have 42.9%.

Celcom Planet owns and operates 11Street Malaysia, one of the largest e-commerce companies here which originated from South Korea under the management of SK Planet Co Ltd.

However, Celcom Planet was loss-making as at end-2017, incurring a net loss of approximately RM129 million with net liabilities at some RM104 million, according to PUC’s exchange filing today.

So long as PUC is able to offer agreed strategic value propositions to 11Street, and competitive market prices and terms to Celcom Planet, PUC shall be appointed the preferred marketing partner, the preferred payment gateway service provider, and the preferred technology provider.

The investment — which does not require shareholders’ approval — is expected to be completed by the third quarter of 2018.

Shares in PUC slid one sen or 4.76% to close at 20 sen today after 13.14 million shares exchanged hands, valuing it at a market capitalisation of RM318.35 million.

All viral rumor start from somewhere, this one could be from /k

I see guess they really having problem . Sad

moga bankrupt

Habis laa TS ke sue dgn 11street

Most of the things I'm buying, it's cheaper on 11street. Hope they don't bungkus.

my friend manager there already cabut awal2
wonder what happen

Every single e-marketplace platform in Malaysia isn’t making money from their business operations. The moment their funding dries up or funder pulls out; game over. Their business model just ain’t sustainable.

Sad but true

late payment coz transition period? btw, they gt hutang employee salary?

Sucks if they close down, we need more e-commerce platform to keep things competitive in the industry otherwise no reason for Lazada/Shoppee etc to improve

11street got 36 month installment myk gooding

Is Lazada even making money now???

may b TS friend got problem kot, the company i work, the 11street store still same, about 1 month will receive payment.

I saw some of friends that used to work at 11street semua cabut lari cari kerja lain..

Something is wrong