PNB clarifies investment in FashionValet

In a statement issued on Friday night , PNB said: “In 2018, the PNB Proprietary Fund participated in FV’s Series C fundraising through a Redeemable Convertible Preference Shares investment of US$5mil for a small minority stake.

PNB further stated that this investment aligned with the government’s call for government-linked investment companies to support high-potential Bumiputera enterprises operating in the new economy. “As part of this arrangement, the Bumiputera investor also offered to purchase shares from existing FV investors. Given PNB’s small stake and that the investment had been largely provided for, it was decided to accept this purchase offer, allowing FV to progress.

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