Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB) suffered a loss of approximately RM43.9 million due to the disposal of their shareholding in a local online fashion company, Fashion Valet Sdn Bhd (FashionValet). This amount was revealed in a written response by the Ministry of Finance published on the Parliament's website.
In 2018, Khazanah invested RM27 million and PNB contributed RM20 million to obtain a minority interest in FashionValet, aiming to support Bumiputera fashion companies and help develop the local business ecosystem.
However, FashionValet was severely affected by the effects of the COVID-19 pandemic which put great pressure on the company's performance and financial flow, requiring additional capital to ensure business continuity.
Towards the end of 2023, Khazanah and PNB decided to sell their interest in FashionValet to NXBT Partners Sdn Bhd, which is an investment company. This sale is seen as a strategic move to save FashionValet under the management of a new owner who has the financial capacity to restore the company's performance. All shareholders agreed to accept this offer.
Khazanah and PNB received RM3.1 million from the sale of their shares, a much lower amount than the original investment value of RM47 million. The Ministry of Finance explained that this loss was small compared to the total annual income of the two entities.
This disposal provoked the reaction of many who considered it a 'cheap sale'.
