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In a written parliamentary reply last week, the finance ministry said sovereign wealth fund Khazanah invested RM27 million, and asset manager PNB another RM20 million, for minority stakes in Fashion Valet in 2018.
However, they lost RM43.9 million after selling their stake for RM3.1 million at the end of last year to NXBT Partners, an investment holding company controlled by Afzal Abdul Rahim, the CEO of TIME dotCom Bhd.