The Ministry of Finance has now confirmed a number of previous reports, stating that Khazanah and PNB's stake in e-commerce site Fashion Valet was sold for only RM3.1 million. Both parties' initial investment amounted to RM47 million, namely RM20 million by PNB and RM27 million by Khazanah.
Previously, Fashion Valet was seen to suffer losses for several years, and the move to sell it was taken as a strategic move. We earlier this year was the first to report that Fashion Valet had been taken over by NXBT, with a 51.25% stake.
As many are aware, 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.