SK Telecom, a major mobile carrier, denied a news report on Monday that it is planning to sell a stake in its eCommerce unit 11Street to eCommerce giant Amazon in a bid to bolster its online retail business.

Local media had earlier reported that Amazon will exercise its right to acquire a 30 percent stake in 11Street and that the US retailer could acquire up to a 50 percent stake in the South Korean eCommerce company.

SK Telecom and Amazon strengthened ties in November last year to collaborate in eCommerce and made an agreement whereby the U.S. tech giant has the right to acquire a stake in 11Street, reports Yonhap news agency.

“We are collaborating to launch a service so that Amazon products can be directly purchased within 11Street,” SK Telecom said in a statement. “There is no ongoing matter regarding a stake transfer.”

The wireless carrier currently owns an 80 percent stake in 11Street and is planning an initial public offering for the online retailer next year.

Sign up for Newsletters

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Reach our audience with your advertisements

Advertising on TechGenyz delivers results. Build your brand, increase website traffic, generate qualified leads, and drive action with our audience. Select the perfect advertising solutions for your brand.

Partner Now