According to the Finance Ministry, the decision marked 'a responsible exit' for Khazanah and PNB.
news MOF: Khazanah & PNB Lost Over RM43M After Selling Their Stake In FashionValet For RM3.1M According to the Finance Ministry, the decision marked"a responsible exit" for Khazanah and PNB . Cover image via Skale Follow us on Instagram, TikTok, and WhatsApp for the latest stories and breaking news.
In 2018, Khazanah invested RM27 million and PNB RM20 million into FashionValet, holding minority stakes in the company. However, the pandemic significantly impacted the retailer's performance, pushing the company to seek a substantial capital infusion to continue operations.
For PNB, the investment aimed to back a fast-growing Bumiputera digital retail company, fostering FashionValet's potential to develop as a regional platform for Malaysian brands. Earlier, a Bumiputera aviation training company was accused of leaving over 50 Malaysian pilot trainees and their families in financial ruin:
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Pnb Khazanah Fashionvalet Retainer Bumiputera Company Investment
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