According to The Edge Malaysia, the Ministry of Finance has confirmed several previous reports, stating that Khazanah and PNB's stake in the e-commerce site Fashion Valet was sold for only RM3.1 million. Both parties' initial investment amounted to RM47 million, namely RM27 million by PNB and RM20 million by Khazanah. So, what should you know about it?
For your information, Fashion Valet suffered losses for several years, and the move to sell it was considered strategic. Interestingly, Fashion Valet had been taken over by NXBT earlier this year. They had a 51.25% stake.
As many know, an investment may lead to profit or vice versa. Khazanah and PNB took steps to invest in Fashion Valet in line with its development at that time, in addition to helping local companies to continue to grow. We have yet to confirm other details on the news. Hopefully, everything goes well.
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