Bernama, a Malaysian newswire, reported that the Government of Malaysia’s investment arms, Khazanah Nasional Bhd and Permodalan Nasional Bhd, have sold their shares in online fashion retailer FashionValet Sdn Bhd, recouping RM3.1 million from their initial investment of RM47 million.
This divestment, confirmed by the Ministry of Finance in response to parliamentary questioning, follows a challenging period for FashionValet, exacerbated primarily by the Covid-19 pandemic and a difficult fundraising climate. The company was acquired by NXBT Partners, who also injected much-needed capital to ensure the business’s continued operations.
Despite the significant loss on the sale, the Ministry of Finance downplayed the impact, stating that the amount was “negligible” compared to the overall income generated by Khazanah and PNB.
Image—FMT
