Khazanah, PNB loss RM43M in FashionValet sale

For a mere RM3.1 million, Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB) sold their joint interests in Fashion Valet Sdn Bhd (FashionValet), the nation’s first fashion e-commerce site. The Ministry of Finance (MoF) estimates that the two businesses had previously invested RM47 million on the platform.

Khazanah and PNB, who invested RM27 million and RM20 million in 2018, sold their shares to investment holding company NXBT Partners Sdn Bhd in 2023, according to a written parliamentary reply that the MoF posted on its website yesterday.

According to the corporations, FashionValet’s company was significantly harmed by COVID-19, necessitating substantial new capital to sustain operations.

“Khazanah and PNB received RM3.1 million from the sale of the shares. The loss from the sale of Fashion Valet shares was minimal compared to the overall revenue generated by Khazanah and PNB in the relevant year,” said the written reply.

Khazanah stated last month that its investment demonstrates its dedication to helping local entrepreneurs and the startup community.

Yeo Bee Yin (PH-Puchong) asked the MoF for information about the transaction and whether other government-affiliated businesses or government-affiliated investment firms had also invested in FashionValet.

In the meantime, PNB invested to help the quickly expanding Bumiputera digital retailer establish itself as a regional shopping hub for Malaysian companies.

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