Muristek
MNC Wireless signs MoU with Hot TV to develop lifestyle e-commerce platform
KUALA LUMPUR, April 13 — MNC Wireless Bhd plans to invest RM5.5 million to develop a lifestyle e-commerce platform with the inking of a memorandum of understanding with Hot TV Entertainment Sdn Bhd.
In the MoU, MNC expressed its interest to acquire, invest, develop or collaborate with Hot TV, which specialises in e-commerce lifestyle digital platforms and wireless telecommunications services.
MNC chief executive officer and executive director Datuk Tan Chor How Christopher said MNC would be investing RM5.5 million for the development of the platform in the next 18 months and has allocated RM2.8 million as its working capital.
“This capital was raised from MNC’s 30 per cent private placement, which was completed early this year,” he said in a statement today.
Tan said MNC viewed that its present expansion into the e-commerce industry would contribute positively to its future prospects.
The lifestyle e-commerce platform combines social media features with an e-commerce marketplace that matches buyers and merchants.
The platform aims to eliminate layers of sales channels in product adoption via a business-to-consumer model.
MNC would curate lifestyle-related online materials such as displays, videos, vlogs and articles to attract individuals and businesses to its platform and create an online community, to eventually support the development of a merchant and customer base.
This platform is envisioned to feature lifestyle products and services, such as fashion apparel, food and beverages, health and beauty care products, entertainment, electrical and electronics devices, home products, sporting goods, and services, and hobbies. — Bernama