BANGKOK (Reuters) - Thai telecoms group Intouch Holdings PCL (BK:INTUCH) has formed a $15 million joint venture with Hyundai Home Shopping Network Corp (KS:057050) to tap demand in Thailand's fast-growing online shopping market.
Intouch, 41.62 percent owned by Aspen Holdings, a wholly owned unit of Singapore's Temasek Holdings (TEM.UL), said in a statement on Thursday that the investment will be part of its digital content business and boost the company's growth potential.
The joint venture, High Shopping, will have registered capital of 500 million baht ($15 million), Intouch said.
Subsidiary Intouch Media will invest 255 million baht in High Shopping for a 51 percent stake, with the remaining 49 percent held by South Korea's Hyundai Home Shopping.
High Shopping is expected to begin advertising its products in the fourth quarter through the Intouch group's various channels, Intouch Holdings said.
Intouch Holdings has interests in mobile, high-speed Internet and satellite businesses, while Hyundai Home Shopping is expanding internationally in markets such as China and Vietnam.