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SINGAPORE: Bizcap, an Australia-headquartered fintech leader in fast and flexible business finance across Australia, New Zealand, and the U.K, today announced its expansion plans into Singapore, along with the appointment of Joseph Lim as Asia Managing Partner. Launching in Q1 2025, Bizcap’s expansion into Singapore addresses a critical gap in the SME financing landscape: the challenge of accessing quick and flexible capital. Many of the 300,000 SMEs in Singapore encounter challenges in securing traditional financing, often due to a short financial track record or inadequate collateral. According to the Singapore Department of Statistics, only 27% of SMEs in Singapore are able to secure bank financing, while 40% rely on personal savings or loans from family and friends. Bizcap provides financing solutions ranging from SGD 5,000 to SGD 500,000, with approvals within hours, no upfront credit checks, a low documentation process, and fund disbursement within 24 hours. In response to the increased demand for alternative financing, this approach supports businesses in accessing timely funds to meet immediate needs in an increasingly digitalised market. To lead this new venture, Bizcap has appointed Joseph Lim as Asia Managing Partner. With over 13 years of experience in financial services and a proven track record of driving growth in competitive markets, he has been pivotal in generating $50-$70 million annually and has led channel and direct distribution teams of over 120 people across APAC. Additionally, he played a key role in notable transactions, including the sale of OneSource to Dunn & Bradstreet Australia (now ‘illion’) in 2016 and the acquisition of the Zip Business loan book in 2023. Lim will be central in Bizcap’s expansion, working closely with advisers, lenders, and referral partners to establish a strong foundation for Bizcap’s growth across Asia. He will focus on driving strategic partnerships, overseeing market entry initiatives, and ensuring alignment with local market needs to support sustainable growth in the region. “Lim’s appointment as our Asia Managing Partner marks a key milestone in our international growth strategy,” said Abraham White, Co-CEO of Bizcap. “His deep knowledge of financial services and passion for innovation will be key as we deliver on our promise to provide fast, reliable funding to SMEs across the region. We look forward to seeing the success of the Singapore market as the first entry point to Asia for Bizcap.” With an estimated GDP growth forecast of 2.6% in 2024, SMEs are showing increased optimism as they pursue growth and expansion opportunities, driving demand for quick, flexible funding options to fuel development, hire skilled labour, and invest in equipment. Bizcap will focus on supporting SME growth in sectors such as wholesale, retail, manufacturing, professional services, construction, and hospitality. Key features of Bizcap’s financing solutions to support Singapore SMEs include: Fast Processing: Approvals are processed within hours, with funds typically dispersed within 24 hours, enabling SMEs to capitalise on urgent business opportunities in Singapore’s competitive sectors. Flexible Criteria: Bizcap tailors its lending approach by evaluating each SME’s unique circumstances, making it possible for businesses that might not meet strict traditional criteria to secure the funding they need. Low-Documentation Requirements: By minimising paperwork and upfront requirements, Bizcap’s streamlined application process removes common administrative barriers, making access to funds quicker and simpler for SMEs. Transparency: With clear, straightforward terms and no hidden fees, Bizcap provides SMEs the ability to make informed financial decisions. Since its founding in 2019, Bizcap has provided over $1 billion in funding to more than 25,000 SMEs across Australia, New Zealand and the U.K.

KUALA LUMPUR:  PlanRadar, a global provider of digital construction project management solutions, has announced an official partnership with the Construction Industry Development Board (CIDB) Malaysia, aimed at aimed at advancing digitalisation efforts in Malaysia’s construction industry. The partnership agreement was signed during the BuildXpo Malaysia 2024 event, as part of the International Construction Week (ICW). Through this collaboration, PlanRadar aims to explore potential areas of cooperation with CIDBEC, focusing on promoting the digitalisation of construction processes and management. CIDBEC specialises in developing digital solutions designed to enhance productivity and efficiency within the local construction sector. Avtandil Mekudishvili, Regional Lead for PlanRadar Singapore + ASEAN, commented, “By joining forces, PlanRadar and CIDBEC Malaysia look forward to aligning with this regional trend of greater digitalisation, driving the adoption of innovative technologies that will boost Malaysia’s competitiveness in the construction sector.” Supporting Malaysia’s digital construction mandate This partnership comes at a pivotal moment, following Malaysia’s recent regulatory changes requiring the use of Building Information Modelling (BIM) for large-scale construction projects. In August 2024, the National Development Action Council, with CIDB’s support, introduced a BIM mandate for all significant construction projects valued at RM10 million and above. The mandate is intended to streamline project management, improve transparency, and elevate the overall quality of infrastructure development in Malaysia. The widespread implementation of BIM represents a key milestone in Malaysia’s journey toward construction industry digitalisation – and CIDB plays a crucial role in overseeing the transition to BIM-based systems and ensuring industry standards are upheld. By integrating BIM with PlanRadar’s project management tools, the partnership is set to continue to drive greater adoption of technology in public and private sector building projects. Driving digital adoption in Southeast Asia The partnership comes at a time when Southeast Asia’s construction industry is experiencing rapid growth, with the sector projected to reach USD 230 billion by 2025. Digital transformation is playing a major role in this growth, as investments in digital technologies in the region are expected to hit USD 7.6 billion by 2025. Advantage Austria (Kuala Lumpur), the trade promotion organisation of the Austrian Federal Economic Chamber, was instrumental in helping to facilitate this collaboration. Mr. Reinhart Zimmermann, Head of Advantage Austria in Kuala Lumpur is confident and opined that “The easy-to-use platform and innovative solutions by PlanRadar would encourage more industry players, especially the Small and Medium-Sized Enterprises, to embark their digital journey for seamless and efficient communication throughout the entire building lifecycle”. With this collaboration, both PlanRadar and CIDBEC are positioning Malaysia as a leader in construction technology adoption in the region, further cementing the country’s role in Southeast Asia’s growing digital economy. “I am delighted to announce our strategic partnership with PlanRadar. This collaboration aligns with our commitment to driving the digital transformation of Malaysia’s construction industry. With the integration of innovative technologies like Building Information Modelling (BIM), we aim to enhance the efficiency and competitiveness of the sector. CIDB Malaysia, through CIDBEC, is dedicated to promoting open BIM standards and fostering collaborations that will contribute to the industry’s growth. We are confident that this partnership will play a significant role in advancing Malaysia’s position as a leader in construction technology within the region.” Ts Rofizlan Ahmad – CIDBEC Chief Executive Officer.

KUALA LUMPUR: The International Architecture, Interior Design & Building Exhibition (ARCHIDEX), Malaysia’s premier architecture event, is set for an ambitious 2025 edition. The soft launch, officiated by YB Tuan Nga Kor Ming, Minister of Housing and Local Government, took place at MITEC on October 29, 2024. As part of the Kuala Lumpur Architecture Festival (KLAF), ARCHIDEX 2025 will coincide with the first KL Architecture Week. The upcoming event aims to host 850 exhibitors across 34,000 square meters at MITEC and KLCC, attracting 56,000 visitors from over 110 countries. Driving Growth and Innovation Minister Nga underscored the significance of the ARCHIDEX partnership in boosting the architecture and building sectors. He emphasized the alignment with Malaysia’s 2025 ASEAN Chairmanship, which seeks enhanced synergy, broader participation, and strengthened industry collaborations to elevate housing and resilient infrastructure. Platform for Excellence ARCHIDEX, co-organized by Pertubuhan Akitek Malaysia (PAM) and C.I.S, continues to be a platform showcasing innovations and sustainable design. Adjunct Prof. Ar. Adrianta Aziz, PAM President, highlighted the importance of DATUM 2025, which will feature talks from global and local experts. Dato’ Vincent Lim, President of C.I.S, noted industry growth trends, including a projected 6% CAGR for the ASEAN doors and windows market by 2027 and significant expansion in the Asia-Pacific flat glass market. The concurrent FENESTEX exhibition will focus on sustainable window, door, and facade solutions. Future Workspaces and Sustainable Development ARCHIDEX 2025 will also feature a Future Workspaces zone showcasing modern office solutions. The event encourages discussions on emerging trends, policies, and sustainable urban development. KL Architecture Week 2025 KL Architecture Week will span six days, supported by the Ministry as a platform for innovation and collaboration. Minister Nga announced Malaysia’s hosting of the ASEAN Real Estate Summit 2025 alongside ARCHIDEX, aimed at positioning Malaysia as the center of ASEAN. Vision for the Future Dato’ Vincent emphasized ARCHIDEX’s role in promoting Kuala Lumpur as a sustainable, inclusive city that supports economic growth and government aspirations. Adjunct Prof. Ar. Adrianta stressed the importance of embracing new technologies while preserving heritage to create resilient urban spaces. ARCHIDEX 2025 continues to serve as a key venue for knowledge-sharing, networking, and trade, fostering sustainable architecture and effective industry solutions.

KUALA LUMPUR: Siemens Energy recently hosted its exclusive Asia Pacific Energy Talks: Malaysia edition in collaboration with the UN Global Compact Network Malaysia & Brunei (UNGC). Held on 29 October 2024 at EQ Kuala Lumpur, this prestigious event convened key energy players in the country from across sectors —spanning industry, academia, and government—to explore what Malaysia truly needs from expert perspectives under the theme “From talks to actions.” Participants engaged in meaningful discussions on how to effectively advance Malaysia’s energy future, emphasizing the necessary policies and strategies to drive a successful energy transition in the country. The journey ahead is filled with opportunities as Malaysia moves toward its Net Zero Emission 2050 target. “Malaysia’s path to net-zero requires not only innovation but also deep collaboration across sectors. At Siemens Energy, we will continue our journey of bringing together diverse stakeholders—from policymakers to industry leaders—to develop resilient, sustainable, and adaptable solutions. We are dedicated to supporting Malaysia in achieving its 2050 Net Zero target and establishing the nation as a key player in the region’s energy transition,” said Thorbjörn Fors, Group Senior Vice President of Siemens Energy and Managing Director for Asia Pacific.   The event began with a fireside chat led by Azli Mohamed, Managing Director for Malaysia at Siemens Energy, joined by representatives from the Energy Commission and the Energy Division of the Ministry of Economy. Together, they discussed strategies for achieving net zero by 2050, emphasizing a balanced approach that coordinates different areas of the energy sector. The conversation set the stage for the next two panel discussions.   The first session focused on long-term strategies to future-proof Malaysia’s energy sector, emphasizing resilience, decarbonization, and infrastructure needs. Featuring panelists from Bain & Company, MyPOWER Corporation, PETRONAS, and Siemens Energy, the discussion highlighted the government’s strong commitment to achieving Net Zero by 2050. Panelists underscored the importance of coordinated efforts across ASEAN to enable efficient energy transmission, fostering a resilient and interconnected regional energy grid. Key strategic recommendations included investing in research and development for next-generation energy technologies—such as hydrogen fuel, battery storage, and carbon capture; building partnerships for technology transfer and capacity building; and working with policymakers to reduce regulatory uncertainties in energy investments.   NUR Power and Siemens Energy shared the stage for the Industry Spotlight session showcasing their collaboration on Project Aurora at Kulim Hi-Tech Park. This project is set to drive a cleaner, more sustainable future with the deployment of a 130MW Combined Cycle Gas Turbine. Through this partnership, the companies aim to reach significant sustainability targets, including coal-free operations, a 40% emissions reduction by 2030, and 50% renewable energy capacity by 2035. This collaboration exemplifies a steadfast commitment to innovation, accelerating the journey toward net-zero emissions and a 70% renewable capacity by 2050.   In the second panel session, they explored energy diversification and its vital role in building resilience for a low-carbon future. Expert panelists from Malaysia Petroleum Resources Corporation (MPRC), SEDC ENERGY, and Siemens Energy reemphasized the importance of fuel flexibility and renewable energy integration in Malaysia’s energy transition. While natural gas remains essential for energy security, its associated carbon emissions must be mitigated. The advantages of hybrid energy systems were highlighted, an integrated energy solutions that combine multiple energy sources to optimize energy generation for efficiency and resilience. The panelists advocated for strong collaborative efforts and innovative policies to advance a sustainable energy future, including the potential incorporation of nuclear energy.   Throughout the event, it was emphasized that reaching net zero can’t be done alone. A clear look at the nation’s progress is important. By learning from past experiences and looking beyond its borders, Malaysia can find tailored solutions that address its unique energy needs while providing economic value. Transitioning to a low-carbon future requires both reliable energy infrastructure and supportive policy frameworks. The event concluded with an acknowledgment of the complexities involved, a renewed spirit of collaboration, and a reaffirmation of Siemens Energy’s ongoing support for Malaysia throughout its energy transition journey.

KUALA LUMPUR: FGV Holdings Berhad (FGV) is pleased to announce the appointment of Fakhrunniam Othman as FGV’s new Group Chief Executive Officer (GCEO) effective 1 November 2024. Fakhrunniam succeeded Dato’ Nazrul Mansor, whose contract ended on 1 September 2024 and Dato’ Mohd Hairul Abdul Hamid, Group Chief Financial Officer, served as the Acting GCEO during the transition for approximately 2 months. Fakhrunniam, 57, previously served as the Group Divisional Director of the Logistics & Support Division of FGV. With over 31 years of experience, he started his career with Caltex Oils Malaysia Ltd. in 1992 before moving to Sapura Telecommunication Bhd. He later became the Group Accountant at Alloy Consolidated Sdn. Bhd. In 2000, he joined FGV Group as an Accountant at Felda Holdings Bhd. (FHB), before being appointed as General Manager in 2004 and Senior General Manager of Finance in 2006. From 2008 to 2011, he served as Deputy CFO and Company Secretary of Twin Rivers Technologies (TRT) Inc., a subsidiary company of FGV in the United States of America that provided significant global exposures in investments, oils & fats as well as oleochemical fields. Upon his return to Malaysia, Fakhrunniam was appointed Vice President of the Strategy Division, where he played a key role in the listing of FGV. He also held leadership roles as Chief Executive Officer (CEO) of three subsidiaries, namely FGV Marketing Services Sdn. Bhd., FGV Trading Sdn. Bhd. and FGV Transport Services Sdn. Bhd. from 2013 until 2016. In 2017, he was appointed Chief Strategy Officer, followed by Chief Investment Officer from 2019 until 2022, including an interim role as Acting CEO of MSM Malaysia Holdings Berhad in 2020. He also serves as a Director on the Board of MSM Malaysia Holdings Berhad. He obtained his Master in Business Administration in General Management from the Royal Melbourne Institute of Technology (RMIT), Australia. A chartered accountant by training, Fakhrunniam graduated from the Association of Chartered Certified Accountant (ACCA), United Kingdom and a member of the Malaysian Institute of Accountants. As the newly appointed GCEO, Fakhrunniam aspires to set a bold vision for FGV, committed to driving the Group’s sustainability agenda throughout its operational supply chain while aligning with FGV’s business objectives and stakeholders’ aspirations. Under his leadership, the Group will prioritise sustainable practices, social responsibility, and environmental stewardship, actively champion initiatives that foster growth and enhance performance. This commitment will position FGV as a pivotal force in advancing fully sustainable practices within the industry, especially being one of the world’s leading producers of palm oil. “We would like to congratulate Fakhrunniam on his appointment as GCEO. His journey from within FGV reflects our pride in nurturing and promoting internal talent — a testament to the strength of our people and our PRIDE values of Partnership, Respect, Integrity, Dynamism, and Enthusiasm. These values have been central to his leadership journey and achievements within FGV, and they will continue to guide him in his new role,” said Tan Sri Rastam Mohd Isa, Chairman of FGV. He added, “We are confident that Fakhrunniam’s extensive experience, deep understanding of our organisation, combined with his sharp business acumen, makes him uniquely qualified to steer FGV through the evolving challenges in the palm oil and agriculture industries, advancing us towards a sustainable future and in achieving our vision to deliver sustainable foods and agriproducts to the world. He continued, “We would also like to extend our sincere appreciation to Dato’ Mohd Hairul Abdul Hamid, who has served as the Acting GCEO for the past two months. His dedication and guidance during this period of transition have been invaluable, and the Board is grateful for his continued commitment as our Group Chief Financial Officer. “To Dato’ Nazrul Mansor, we extend our heartfelt thanks for his exemplary leadership and contributions over the past three years as the GCEO. He has been the catalyst of our success during this time, guiding FGV through post-pandemic recovery, tackling the challenges faced by the Group, and championing sustainability as a core part of our agenda moving forward. We wish him every success in his future endeavours,” said Tan Sri Rastam.

PETALING JAYA: The banking sector is expected to look positive in the near term after experiencing a sluggish month in credit growth in September. Affin Hwang Investment Bank Research (Affin Hwang Research) believes there is upside potential for the sector, mainly driven by a boost in fund-based income through net interest margin (NIM) management and capital market-driven fee income. In addition, the research house pointed out that the global easing cycle boosted market gains, while higher foreign and domestic direct investments as well as implementation of structural reforms helped to sustain investor confidence. In September, the domestic banking sector saw a moderation in the growth rate of selective sectors such as manufacturing, construction and the non-small and medium enterprise (SME) segment. Affin Hwang Research said the overall approval rates for business and consumer loans have been consistent at 51%, but saw a pullback in loan applications (business and households) in September. It added there was a decline in the bank’s average lending rate to 5.23% (down three basis points (bps) month-on-month and a fall of 26 bps year-on-year), implying rising competition. “Banks are gearing towards higher price-to-book value (P/BV) multiples. We remain confident in the banking sector’s 2024-26 earnings outlook and believe that banks may continue to rerate to higher P/BV multiples from 1.11 to 1.17 times to 1.3 to 1.4 times, through potential return on equity (ROE) expansion towards 11% to 12%,” the research house stated in a recent report on the sector. It anticipates earnings momentum to pick up in 2024-26 on the back of more robust loan growth. The research house said growth will be supported by favourable economic conditions and the acceleration of domestic infrastructure and construction projects. Other catalytic factors include the Malaysia-Singapore Special Economic Zone, renewable energy investments under the National Energy Transition Roadmap and recovery in the global semiconductor market. “New thematic opportunities for the banking sector include looking east to the Borneo states of Sarawak and Sabah as well as on food security under the Fourth Industrial Revolution,” Affin Hwang Research added. It said the key drivers to the sector’s earnings growth included operating income expansion (led by fund-based income) amidst stable net credit charges and cost-to-income ratio. The research house added households’ debt-servicing capacity, which stood at 35% as at December 2023, remained supported by favourable labour market conditions and wage growth. “Whilst the business operating outlook turns more upbeat, we expect the system gross impaired loan (GIL) ratio to gravitate towards 1.5% by end-2024. “We project NIM to average at 2.09% to 2.11% from 2024 to 2026 on the back of loan growth at 6.5% per annum (under review), as NIM pressure started building up due to rising competition for loans,” it said. The research house reiterated its “overweight” stance on the banking sector, selecting CIMB Group Holdings Bhd and Malayan Banking Bhd (Maybank) as its top buys. It has a target price (TP) of RM9 per share for CIMB and is positive on the banking group’s ROE optimisation strategy and Asean exposure, as it benefits from robust economic growth in Indonesia and Singapore. It has a TP of RM12.10 a share for Maybank given its robust deal pipeline and its scaling up in the mid-market segment and attractive dividend yields of 6.1% to 6.3%.–THE STAR

KUALA LUMPUR: DHL Express has unveiled an expanded Kuala Lumpur Gateway to better support businesses exporting out of and importing into Malaysia following significant increase in international trade. The new RM300 million (EUR60 million) facility represents the company’s largest local investment to date, and forms part of its strategy to bolster intra-Asia connectivity. Standing at 13,422 square metres, the enhanced Kuala Lumpur Gateway is thrice the size of its previous premise. It is also the first of its kind in Southeast Asia equipped with a fully automated sorting system. Combining the two kilometre-long conveyor belt and high-speed scanning system allows inbound and outbound shipments to be processed four times as fast, and achieve a peak throughput of 10,000 shipment pieces per hour. This translates to accelerated transit times and shorter delivery windows.   “We are on a well-planned track to continuously strengthen our network in robust economies. We see rapidly rising cargo volumes in Malaysia, which also shows massive potential for a sustained uptrend, as the country emerges as a preferred omni-sourcing destination. The Kuala Lumpur Gateway enables our customers to better leverage import and export opportunities, especially via the facility’s busiest trade lanes including the United States, China, Hong Kong, Japan, Singapore, Australia, Germany, and the United Kingdom,” said Ken Lee, CEO for Asia Pacific, DHL Express.   “In 2023, Malaysia jumped 15 places in the World Bank Logistics Performance Index to 26th, among the best in ASEAN,” said YB Anthony Loke Siew Fook, Transport Minister of Malaysia. “These indicators attest to the vibrancy of our courier services sector, which is witnessing positive momentum and has the drivers for long-term growth in place. The expansion of the Kuala Lumpur Gateway is a vote of confidence and helps to reinforce our country’s role as a critical node in global supply chains.”   Connected by two dedicated aircraft to DHL’s Central Asia and South Asia Hubs, the Kuala Lumpur Gateway is a pivotal link for facilitating the smooth movement of goods between the Klang Valley and overseas markets. Kuala Lumpur and Selangor collectively account for a sizeable chunk of Malaysia’s trade, most recently contributing RM3.3 billion in export value and RM7 billion in import in August 20241.   Optimised for security excellence, the facility has been certified TAPA Class A, the highest airfreight security standard awarded by the Transported Asset Protection Association. Housing more than 400 CCTV cameras, 24-hour surveillance, and state-of-the-art X-ray screening, the facility has also been certified for compliance under the Customs-Trade Partnership Against Terrorism (C-TPAT) programme.   Sustainability is a priority when designing the facility. Constructed in alignment with DHL Group’s guidelines for a carbon-neutral building, green technologies are installed across the complex. These include 500 kilowatt-peak solar panels, smart LED lighting, and energy-efficient systems for water and electricity. The approach towards clean operations extends to the use of electric vehicles at the facility, from forklifts and tow tractors to vans and scooters. This has led to the Kuala Lumpur Gateway achieving LEED (Leadership in Energy and Environmental Design) certification, the world’s most widely-used green building rating system.   “Through this offering, we boost our ability to support customers in navigating the evolving needs of cross-border shipping with wider and faster capacity,” said Julian Neo, Managing Director, DHL Express Malaysia and Brunei. “The upgraded Kuala Lumpur Gateway demonstrates our commitment to keep investing in the flexibility, agility, and resilience of our supply chain capabilities. The new, larger facility is ideally positioned to extend accessibility and complement our footprint in the more than 220 countries and territories we serve worldwide.”   Located at the KLIA Air Cargo Terminal 1 (KACT1), the Kuala Lumpur Gateway is one of five similar facilities in DHL Express Malaysia’s aviation and ground network. This includes 20 service centres, about 170 retail points of sale, more than 300 pick-up and delivery vehicles, over 60 weekly flights, four dedicated aircrafts, and a 1,300-strong workforce.   The facility’s opening was officiated today by the Prime Minister of Malaysia, YAB Dato’ Seri Anwar bin Ibrahim. YB Anthony also attended alongside approximately 400 industry authorities, partners, and customers.

KUALA LUMPUR: The Malaysian government hopes that the country’s recent recognition as a BRICS partner will contribute to economic growth and export expansion over the long term, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. He highlighted Malaysia’s potential to play a key role in strengthening the global supply chain, particularly in critical sectors such as semiconductor and other strategic industries. “We have gained the trust of BRICS members in the country’s leadership. “BRICS countries currently account for approximately 26% of the world’s gross domestic product, nearly matching the economic strength of the Group of Seven,” he told Bernama. He also emphasised Malaysia’s clear stance of not exploiting international trade conflicts. “Malaysia has always adhered to the policy of non-alignment with any major economic power in handling international issues, including the trade war involving the United States, China, and Russia. “Malaysia, as an open trading nation, always believes in the open-economy approach and having friendly policies.

PETALING JAYA: Khazanah Nasional Bhd and Permodalan Nasional Bhd lost RM43.9 million after selling their stake in e-commerce platform Fashion Valet Sdn Bhd (FashionValet) for RM3.1 million. In a written parliamentary reply, the finance ministry said sovereign wealth fund Khazanah (RM27 million) and asset manager PNB (RM20 million) invested a total of RM47 million for minority stakes in FashionValet in 2018. The ministry said the investment was part of Khazanah’s mandate at the time to foster local technology entrepreneurs and gain exposure in the rapidly growing e-commerce sector. At the same time, PNB wanted to support fast-growing Bumiputera digital retail companies and help them become regional retail platforms for Malaysian brands. However, the Covid-19 pandemic and challenging fundraising market conditions severely impacted FashionValet’s business, which required significant new capital to continue operations, it said. “At the end of last year, a Bumiputera company, NXBT Partners, offered to take over Khazanah’s and PNB’s existing stake in FashionValet and inject the necessary capital into the company,” it said “Consequently, all shareholders agreed to accept the offer. Khazanah and PNB received RM3.1 million from the sale of the shares. “The losses incurred from the sale of FashionValet shares were minimal compared to Khazanah and PNB’s overall earnings for the year.” The ministry said the sale represents a responsible exit by Khazanah and PNB and allows a strategic investor to continue supporting FashionValet, address its funding needs, and redevelop the business in a challenging industry environment. It was responding to a question from Yeo Bee Yin (PH-Puchong) about the details of Khazanah and PNB’s investment in FashionValet and whether other government-linked companies or government-linked investment companies had also invested in the e-commerce platform. NXBT Partners is an investment holding company controlled by Afzal Abdul Rahim, the CEO of TIME dotCom Bhd. The Edge Markets reported that Khazanah holds a 32.34% stake in TIME dotcom as of July 22 this year.–FMT