KUALA LUMPUR: NXBT Partners Sdn Bhd, the Bumiputera company which allowed Khazanah Nasional Bhd and Permodalan Nasional Bhd's (PNB) to exit from FashionValet Sdn Bhd, was losing money when it bought into the company.
NXBT Partners which still holds a 51 per cent, or 2.5 million shares in FV (FashionValet), posted losses after tax since inception in 2019 until last year, throwing a spotlight on the company's ability to inject capital into FV at the time.
Its net loss narrowed to RM9,015 last year from RM183,000 previously.
The company is wholly owned by Afzal Abdul Rahim, who is the chief executive officer of TIME dotcom Bhd and senior independent director of CIMB Group Holdings Bhd.
According to the Finance Ministry (MoF) in its written reply to query on the Khazanah and PNB's investment in FV, the two sold their interests in FV for RM3.1 million.
It said the sale represented a responsible exit for Khazanah and PNB to a strategic investor who could continue to assist FashionValet in addressing its financing needs holistically and reviving its business in a challenging industry environment.
Last year, the year that the company acquired FV's shares however, SSM filings show that NXBT's current liabilities exceeded current assets by RM662,937, 1.38 per cent higher from RM653,922 a year before.
Between 2019 and last year, the current liabilities widened by more than threefold to RM662,937 from RM182,940.
Between 2019 and last year, current assets fell to RM17,203 from RM23,583.
It had no non-current liabilities and assets as at Dec 31, 2023.
As at Dec 31, 2023, its retained losses widened to RM662,997 from losses of RM183,000 in financial year 2019.