KUALA LUMPUR, November 6 – Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) received RM3.1 million from selling their shares in Fashion Valet Sdn Bhd (FashionValet) after a combined RM47 million investment in 2018. The Ministry of Finance (MoF) described the sale as a “responsible exit,” transferring their stakes to NXBT Partners, a Bumiputera firm committed to sustaining the business with additional capital.
The MoF noted that FashionValet’s operations were heavily affected by the COVID-19 pandemic and tough market conditions, leading to its financial struggles. Responding to inquiries in the Dewan Rakyat, the MoF emphasized that the loss is “negligible” compared to Khazanah’s and PNB’s overall annual incomes.
The exit marks a strategic pivot for Khazanah and PNB, whose minority stakes are now in the hands of NXBT Partners, which has agreed to inject new funds essential to FashionValet’s continuity and future growth.
