SK Telecom, a significant versatile transporter, denied a news report on Monday that it is wanting to sell a stake in its internet business unit 11Street to internet business goliath Amazon in a bid to reinforce its online retail business. Nearby media had before announced that Amazon will practice its entitlement to get a 30 percent stake in 11Street, and that the US retailer could procure up to a 50 percent stake in the South Korean internet business organization. SK Telecom and Amazon reinforced ties in November a year ago to team up in internet business and settled on an understanding whereby the U.S. tech monster has the option to get a stake in 11Street, reports Yonhap news office. “We are teaming up to dispatch a help so Amazon items can be straightforwardly bought inside 11Street,” SK Telecom said in an articulation. “There is no continuous matter in regards to a stake move.” The remote transporter at present claims a 80 percent stake in 11Street and is arranging a first sale of stock for the online retailer one year from now.
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