After XL Axiata sold its 50 per cent ownership in the company, Elevenia will be owned by PT Jaya Kencana Mulia Lestari and Superb Premium Pte. Ltd

Following report that South Korean internet platform development company SK Planet is currently undergoing re-positioning of its overseas businesses, which include a stake at Indonesian e-commerce site Elevenia, Indonesian telco company XL Axiata decided to sell its 50 per cent stake at the platform that it has built together with SK Planet in 2015.

The stakes are being handed over to PT Jaya Kencana Mulia Lestari and Superb Premium Pte. Ltd. through conditional sale and purchase agreement (CSPA) mechanism. There is no further information about the two companies, apart from reports that they are under the ownership of Salim Group.

According to XL Axiata President Director and CEO Dian Siswarini, the decision to let go of Elevenia was taken after careful deliberation. In a press statement, XL Axiata expects that this decision will minimise the impact of losses that Elevenia had suffered.

“We will continue on supporting the e-commerce industry through digital features in our data services that we provide for our customers,” Siswarini said.

Also Read: SK Planet reportedly exits Elevenia, selling stakes to Salim Group

Initially plans to hang on to Elevenia

 

Previously, XL Axiata stated that the company has been reviewing the digital businesses that it has been working on since 2013. It added that in the near future, there will be several products that the company will choose to terminate or keep.

Siswarini said that Elevenia has recorded more than 50 per cent growth annually. Despite its healthy growth, the company still suffered losses and was unable to contribute significantly to its parent company.

XL Axiata’s digital services involves seven segments: Digital entertainment (Yonder and Tribe), business innovation, digital payment (XL Tunai), mobile advertising (m-Ads), cloud computing (XCloud), internet-of-things (XL IoT), and e-commerce business (Elevenia).

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The article Setelah SK Planet, XL Axiata Putuskan Hengkang dari Elevenia was written by Yenny Yusra and first appeared in DailySocial. English translation and editing by e27.

The post Following SK Planet, XL Axiata decides to exit Indonesian e-commerce site Elevenia appeared first on e27.