China's Tencent to delve deeper into Indonesia social media market
February 28, 2013 6:56 PM EST
Tencent Holdings, China's biggest online gaming and social networking company, has set up a joint venture with Indonesia's biggest media group PT Global Mediacom to tap the country's growing social media market.
The venture will further promote Tencent's highly popular mobile chatting app WeChat, which the company introduced to Indonesia late last year and other products will also be introduced in the future.
"The partnership between Tencent and MNC is our strategic step to expand our reach to Indonesian customers," said Martin Lau, Tencent's president said in a statement.
Hillhouse Capital, one of China's biggest investment funds, is participating in the venture. The companies did not provide financial terms.
Hary Tanoesoedibjo, owner of MNC group and CEO of Global Mediacom, told Reuters in 2012 that he plans to develop local social media platforms as well as online gaming to tap the growing domestic market.
(Reporting by Fathiya Dahrul; Editing by Edwina Gibbs)
Most Popular Slideshows
- In Photos, Typhoon Rammasun Blasts the Philippines
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales