KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Bhd has clarified its RM27 million investment in FashionValet (FV) in 2018.
"Khazanah refers to the recent news articles and comments on our investment in FV and would like to address the misconceptions and inaccuracies.
"As a private market investor, Khazanah regularly invests in and divests from assets based on our investment horizon and portfolio allocation strategy," a spokesperson told Business Times via email.
The fund did not disclose the percentage of the FV holding it paid RM27 million for. It also did not state if it had disposed of its stake in FV, an e-commerce fashion platform.
"Khazanah remains committed to supporting our local Malaysian founders and startup ecosystem, such as our RM27 million investment in FV."
The spokesperson said that Khazanah's commitment is also exhibited through the completed acquisitions of Malaysia Venture Capital Management (MAVCAP) and Penjana Kapital.
These acquisitions have led to the establishment of a national fund-of-funds to support the local startup ecosystem of entrepreneurs, start-ups, venture capital, and corporate venture programmes.
Khazanah was responding to enquiries from Business Times following questions surrounding the purported sale of its stake in FV to local investment firm NXBT Partners.
Previously, a report by Asia Tech Review claimed that NXBT Partners acquired a substantial stake in FV from Khazanah and other investors.
According to the report, the stake was purchased at a lower price than what Khazanah paid for it.