AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Chinese e-commerce giant Alibaba and Russian technology group Mail.ru on Tuesday said they would launch a joint e-commerce venture in Russia and former Soviet countries.
The deal comes as e-commerce is developing rapidly in Russia though hindered by the country's vast size and problematic infrastructure, including an often unreliable postal service.
The two groups, along with the Russian sovereign wealth fund RDIF and telecom operator MegaFon, announced the creation of a "strategic partnership" as Russia hosts an economic forum in the far eastern city of Vladivostok.
Alibaba and Mail.ru said in a statement that the partnership will "launch a leading social commerce joint venture in Russia and the CIS (Commonwealth of Independent States)."
The new company will be called AliExpress Russia - based on the name of an existing Alibaba platform. It will be 48 percent owned by Alibaba, 24 percent by MegaFon, 15 percent by Mail.ru and 13 percent by the RDIF, the statement said, without disclosing any valuations involved.
Russia's RBK media group reported that the RDIF would invest up to $300 million. The deal involves MegaFon selling Alibaba its 10 percent stake in Mail.ru.
Alibaba, co-founded by tech billionaire Jack Ma in 1999, reported revenues of $39.9 billion for the year ending March. It already plays a major role in e-commerce in Russia through its AliExpress and Tmall platforms.
Ma announced Monday that he will step down as head of Alibaba in a year's time.
On Tuesday Ma attended a meeting of international business people with President Vladimir Putin at the Eastern Economic Forum in Vladivostok, but was not at the press conference announcing the deal.
"We want this to be a Russian business," Alibaba Group president Michael Evans said at the press conference.
"What we we bring from China is all the experience that we have and the technology that we have" from building e-commerce, cloud and payment businesses, Evans said.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.