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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Give time for Khazanah, PNB to explain losses in RM47m FashionValet investment, Fahmi tells MalaysiansKUALA LUMPUR, Oct 31 — Communications Minister Fahmi Fadzil today told the public to give Permodalan Nasional Berhad (PNB) and Khazanah Nasional Bhd (Khazanah) some time to...
Source: malaymail - 🏆 1. / 86 Read more »

Khazanah, PNB sold FashionValet stakes at a loss of RM43.9mil, says Finance MinistryAlmost one in five of the workforce in Guangzhou have turned to work in flexible contracts, higher than China’s national level of 14.3%.
Source: staronline - 🏆 4. / 75 Read more »