Khazanah committed to startup investments despite Fashion Valet loss, says minister Posted on 14/11/2024 Finance minister II Amir Hamzah Azizan said Khazanah Nasional Bhd will continue to support local startups and the venture capital ecosystem. (Bernama pic) KUALA LUMPUR: Khazanah Nasional Bhd will continue to invest in local startups despite its failed investment in online fashion retailer Fashion Valet Sdn Bhd, finance minister II Amir Hamzah Azizan said today. Amir said the sovereign wealth fund remains committed to its mandate of supporting the startup and venture capital (VC) ecosystem, which is important to Malaysia’s economic growth, while enhancing control mechanisms. “VC investments drive innovation by providing capital to startups and companies with the potential to develop new technologies. “They also contribute to job creation and economic stimulus, besides introducing advanced technology from external markets into Malaysia,” he said in response to a supplementary question from Syerleena Abdul Rashid (PH-Bukit Bendera) during Minister’s Question Time in the Dewan Rakyat. Syerleena had asked whether Khazanah plans would reconsider investing in startups or adopt a different strategy following its RM43.9 million loss in Fashion Valet revealed last month. The investment loss has been criticised by political figures and analysts, but the likes of Tony Pua, Khairy Jamaludin and Shahril Hamdan warned that excessive scrutiny of investment decisions could harm Malaysia’s entrepreneurial landscape. The Malaysian Anti-Corruption Commission is also investigating Fashion Valet co-founders Vivy Yusof and Fadzaruddin Shah Anuar over the loss. Amir said VC investments inherently involve high risks but offer the potential for high returns, if successful. He pointed to Khazanah’s other successful ventures, such as its investment in Farm Fresh Berhad, a local dairy company that has generated more than RM800 million, over 13 times the initial investment. He said that since its initial investment in Fashion Valet seven years ago, Khazanah has refined its investment strategy and tightened its selection process, particularly for startups and VCs. He also outlined Khazanah’s ongoing commitment to Malaysia’s startup ecosystem through initiatives such as the Jelawang Kapital, a national fund-of-funds with a RM1 billion commitment, and the Emerging Fund Managers Programme. News
Religious minister: Federal Territories Islamic Religious Council allocating RM5m for flood victims Posted on 01/12/2024 KUALA LUMPUR, Dec 1 — The Federal Territories Islamic Religious Council (MAIWP) has prepared an allocation of RM5 million to help flood victims throughout the country, Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Mohd Na’im Mokhtar said. He added that the initial aid will be channelled to… Read More
Roche in US$1.5 billion deal to buy Poseida Therapeutics Posted on 26/11/2024 The deal is due to close in early 2025. (EPA Images pic) ZURICH: Swiss pharmaceutical giant Roche said on Tuesday it has agreed to buy US biopharm firm Poseida Therapeutics for US$1.5 billion (€1.4 billion). Roche, the world’s number-one oncology group, will offer Poseida shareholders US$9.0 per share and add… Read More
Lawatan PM ke Brazil kukuh hubungan diplomatik 65 tahun Posted on 17/11/2024 Perdana Menteri Anwar Ibrahim pada sidang media sempena Sidang Kemuncak Apec 2024. (Gambar Bernama) LIMA: Lawatan rasmi sulung Perdana Menteri Anwar Ibrahim ke Brazil berlangsung dari 16 hingga 19 Nov bakal mengukuhkan lagi hubungan diplomatik yang terjalin selama 65 tahun selain dapat meningkatkan peluang perdagangan dan pelaburan. Menteri Luar Negeri, Mohamad… Read More