Vietnamese technology giant the VNG Corporation (VNG) has purchased 38 per cent of the Tiki Corporation, the owner of the e-commerce website Tiki.vn, for VND383 billion ($17.16 million).

The 3,716,187 shares were bought for VND103,000 ($4.6) each, or ten times higher than the market price.

VNG has priced Tiki's value at VND1 trillion ($44.8 million).

Tiki was established in 2010 as an e-bookstore but has since diversified into phones, tablets, digital devices, electrical appliances, toys and souvenirs.

VNG joins Seedcom and CyberAgent in holding shares in Tiki.

The $17.16 million VNG spent on the 38 per cent stake in Tiki is its highest outlay for an e-commerce company.

In 2013, via its subsidiaries, it bought 980,000 shares, or 7 per cent, in FPT Online for VND111.4 billion ($4.99 million), at a price of VND113,600 ($5) per share.

VNG previously entered into e-commerce but was unsuccessful, closing Zing Deal and 123.vn. In 2014 it sold 123mua.vn to Sendo and FPT.