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Better to Be Anwar’s Enemy Than His Friend

DoomCognition — Mon, 11 May 2026 00:06:51 +0800

Better to Be Anwar’s Enemy Than His Friend

First the budget allocation to everyone else except your supporters. Then the on-going MITI saga and also the betrayal of Umno NS. Now the potential abolishment of T20 fuel subsidy.

It took me a while to realise that it is truly Better to be Anwar’s Enemy than His Friend. He treats his friends and supporters like crap, take support for granted. I am convinced now, I will not vote for him in the coming GE and will put effort into convincing all of my friends and family to abandon him. I will vote for the party that is not aligned with him. Any party aligned with him, I will not vote for them.

At least during BN times, everyone gets screwed by the government equally, except for those cronies. Now, the cronies still does not get screwed, but those who supported Anwar is getting screwed so much more than the rest. Good job Anwar.

Finish rant.

https://www.thecoverage.my/9607/better-to-b...-umno-stabs-you

QUOTE

Better to Be Anwar’s Enemy Than His Friend : UMNO Betrays PKR in Negeri Sembilan - You Saved UMNO , UMNO Stabs You | The Coverage

UMNO Stabs Anwar in the Back: 14 Negeri Sembilan Assemblymen Withdraw Support for PKR Menteri Besar Aminuddin Harun

Anwar Ibrahim, have you finally learned your lesson?

Today, the 14 UMNO state assemblymen in Negeri Sembilan have unanimously pulled their support from your PKR Menteri Besar, Datuk Seri Aminuddin Harun. The unity government you so desperately cling to is now fracturing right in front of your eyes — and the knife is buried deep in your back by the very hands you fed so generously.

You gave everything to UMNO. You handed Zahid Hamidi a DNAA on a silver platter. With only 26 UMNO MPs in Parliament, you bloated their ranks with nearly half becoming ministers or deputy ministers, showering them with plum GLC positions, and propping them up as Chief Ministers in Pahang and Perak. You abandoned the loyalists who risked everything to bring you to power — your former generals, the Hiruk team, your progressive base — just to curry favour with these has-beens.

In return? They let Akmal Saleh run wild like a mad dog, spewing racial poison that contributed to PKR and DAP’s annihilation in Sabah. You tolerated it all.

You talked big about reforming the Prime Minister’s tenure to two terms — yet some UMNO MPs conveniently vanished when the vote came. You pushed for an Urban Renewal Act to modernise Malaysia, only to surrender meekly to UMNO’s demands and abandon it. You empowered Zahid further by letting him lead Tahfiz Negara with up to RM2.6 billion in annual allocations. You massively increased Asyraf Wajdi’s MARA funding by up to 100%. You ditched UEC recognition to appease them.

Worse, you handed them strategic ministries that control key voting blocs: Defence (Khaled Nordin) for the military votes, Higher Education (Zambry) for the youth, Rural and Regional Development (Zahid) for rural Malay strongholds, and MITI (Johari Ghani) where they push anti-EV policies to protect their cronies — sabotaging investments like BYD in the process.

This is your tragic pattern, Anwar: those who were sincere to you, you sidelined or politically murdered one by one. Those who wanted to destroy you, you armed with unprecedented power and resources.

Your desperate attempts to out-PAS PAS — turning more radical, extreme, and conservative — haven’t won over the Malay heartland. Instead, they’ve alienated your own progressive supporters while handing UMNO a lifeline. A party that was on the brink of extinction, battered and broken after years of corruption scandals, has been resuscitated under your watch. Now stronger, they are showing their true colours.

The withdrawal of support in Negeri Sembilan is not an isolated incident. It is a clear message to the entire nation: It is far better to be Anwar’s enemy than his friend. Being his ally is fatal. He is kinder, more generous, and more forgiving to his enemies than to those who actually helped him.

This is the bitter harvest of your appeasement politics. You empowered UMNO at the expense of your own coalition, your principles, and your base. Now they are repaying you exactly as expected — with betrayal.

Anwar, the clock is ticking. Your “unity” government is unity in name only. The stab in the back has already landed. The question is no longer whether you will learn the lesson. It is whether it is already too late.

Guess Which Car? Budak Tertusuk Besi Kusyen

DoomCognition — Sat, 09 May 2026 08:44:59 +0800

I read a lot of owners praising Proton cars nowadays, going so far as to call it "Conti killer". How about budak killer here?

I really need to be careful next time I sit plotong cars, even if I am the passenger.

QUOTE

Mata budak tertusuk besi kusyen kereta

Baling: Seorang kanak-kanak lelaki berusia enam tahun cedera di mata kanan akibat tertusuk besi dalam kusyen kereta yang dipandu ibunya, hari ini.

Kejadian berlaku ketika mangsa yang duduk di belakang kereta jenis Proton Saga bersama ibu serta neneknya ketika dalam perjalanan dari rumah mereka di Sungai Kembal, Kuala Ketil ke kelas agama di Pekan Baling, di sini.

Ketua Balai Bomba dan Penyelamat (BBP) Baling, Penolong Penguasa Bomba Zulkhairi Mat Tanjil berkata, pihaknya menerima panggilan berhubung kejadian itu sekitar jam 3 petang tadi.

Menurutnya, sepasukan anggota dari BBP Baling yang diketuai Pegawai Bomba Kanan (PBK) II Mohd Najmi Zainol bersama enam anggota melakukan operasi di Klinik Kesihatan Parit Panjang.

"Anggota bomba menggunakan peralatan khas untuk memotong besi yang dilakukan dengan berhati-hati untuk mengelak kecederaan lain serta pendarahan pada mata belah kanan.

"Anggota bomba menebuk kusyen untuk mengeluarkan span bagi memudahkan besi itu dipotong.

"Operasi bermula jam 3.10 petang dan dilakukan hampir 15 minit sebelum besi itu berjaya dipotong, " katanya ketika dihubungi hari ini.

Zulkhairi berkata, pihaknya kemudian menyerahkan mangsa kepada kakitangan klinik berkenaan sebelum kes dirujuk ke Hospital Baling untuk tindakan lanjut.

https://www.hmetro.com.my/mutakhir/2026/05/...i-kusyen-kereta

Past 10 Years, How Many Times Kena Tow?

DoomCognition — Wed, 06 May 2026 21:00:07 +0800

How many times did you tow your car due to mechanical / breakdown reason in the past 10 years?

Motivated by [@Boy96] teres, which I have sympathy for. Not making fun of him here, just want to know what's the norm?

https://forum.lowyat.net/topic/5563773

Kam share ur car model, year and how many times kena tow in last 10 years!

Locked earlier tered cause forgot 0 times. Tercicir.

Past 10 Years, How Many Times Kena Tow?

DoomCognition — Wed, 06 May 2026 20:51:42 +0800

Used Car: Don't Keep for 500k km

DoomCognition — Wed, 29 Apr 2026 21:42:38 +0800

Saw this video on YT. Gemini summary:

This video from Broken Clutch Garage offers a very specific, engineering-focused perspective on car ownership. The creator's main argument centers on the "Reliability Bathtub Curve" and the idea that smart ownership ends when repairs stop being isolated and start becoming a "cascade."
Here is a breakdown of the video's logic and how it translates to the reality of keeping an older, high-mileage vehicle on the road today:

1. The "150,000 Mile" (240,000 km) Wall
The speaker argues that for most modern cars, the "sweet spot" ends around 240,000 km. After this point, he claims:
Cascading Failures: You aren’t just fixing a water pump; you’re entering a phase where the alternator, the radiator, and the suspension bushings all fail within the same 12-month window.
The "Plastic Tax": He focuses heavily on the idea that modern cars (especially post-2019) use low-quality plastics that simply "age out" due to heat cycles, making them a ticking time bomb past 10 years of age.

2. Modern vs. Analog Engineering
A key takeaway from his video is his criticism of downsized turbo engines (1.0L or 1.4L engines). He believes these are overstressed and built for a "disposable" life cycle.
The Contrast: Older, naturally aspirated engines (like those from the mid-90s) were often built with much larger tolerances. While a modern 1.2L turbo might "total itself" after one minor overheat, an older, cast-iron or heavy-alloy engine can often survive significantly more "abuse" and high-mileage wear.

3. "Survivorship Bias"
The speaker warns that for every car that hits 500,000 km, there are thousands that were scrapped at 200,000 km because the transmission or electronics failed.

4. Depreciation vs. Repair Costs
The video’s strategy is to avoid both high depreciation (new cars) and high repair costs (very old cars).

Not saying I agree with it, I have my own take on things, but an interesting way of doing things to save on car ownership cost.

[YOUTUBE]dsp-jneREMI[/YOUTUBE]

Thai Accuse Msia Busybody

DoomCognition — Mon, 24 Nov 2025 05:45:44 +0800

QUOTE

KUALA LUMPUR, Nov 8 — Malaysia has dismissed the baseless allegations by retired Thai Maj Gen Rangsi Kitiyansap that Malaysia and Datuk Seri Anwar Ibrahim were a hidden hand or an “enemy within” in the Thailand–Cambodia peace process.

Chief of Defence Force Gen Tan Sri Mohd Nizam Jaffar said such accusations were not only unfounded and unfair but also profoundly disappointing, particularly when voiced by a former senior military officer.

He said the remarks reflected a poor understanding of Asean centrality and disregarded the collaborative architecture that underpins the peace framework, while also undermining the professionalism and mutual respect that had long guided military institutions in the region.

“Moreover, the allegation distorts both the content and the intent of the Kuala Lumpur Accord. The official documents underpinning this process are transparent and collectively endorsed by all participating governments. They outline clear commitments focused solely on peace, security, humanitarian cooperation and regional stability.

“At this juncture, any attempt to discredit Malaysia’s role, the leadership of our Prime Minister or the integrity of the AOT (Asean Observer Team) is malicious in intent. It undermines the core objective of the process, which is peace,” he said in a statement today.

Mohd Nizam said Malaysia had never sought recognition or credit, and its only interest had been to restore stability, protect lives and uphold the principles of regional solidarity.

He said soldiers on both sides of the border deserved the chance to lay down their arms, while families who had lived through months of fear deserved the safety to rebuild their lives — and that has always been and remains Malaysia’s objective.

“The Malaysian Armed Forces have long upheld the principle that peace is best achieved through mutual understanding and cooperation.

“From Mindanao to Timor-Leste to Lebanon, our peacekeepers have served with professionalism, neutrality and respect for sovereignty. The facilitation of peace between Thailand and Cambodia is part of this same tradition of service,” he said.

Mohd Nizam said peace required patience, moral courage and the ability to look beyond personal or political pride, adding that the process had been guided by three messages — that peace is expensive, life is precious and time is essential.

“It is therefore deplorable when individuals who once wore the uniform choose to politicise a process aimed at preventing further loss of life. To call another leader a traitor or spy without evidence demeans not the accused, but the accuser. It disregards the tireless efforts of those who have worked quietly and selflessly to build peace and erodes the trust that is fundamental to regional security,” he said.

He urged all officers, serving and retired, to uphold the principle of truth, fairness and professionalism, saying that the duty of a soldier does not end with retirement but continues through wisdom, restraint and example.

Mohd Nizam expressed confidence that the AOT, together with the governments of Thailand and Cambodia, will fulfil the commitments signed in Kuala Lumpur, with progress already visible on the ground through the withdrawal of heavy weapons, de-mining operations underway and border communities beginning to return to normalcy.

“These are the real markers of success, not the noise of unfounded accusation. Malaysia remains steadfast in its commitment to Asean-led solutions, the respect of national sovereignty and the transparent implementation of all peace agreements.

“The Malaysian Armed Forces will continue to serve as a reliable and trusted partner in advancing these shared values,” he said. — Bernama

https://www.malaymail.com/news/malaysia/202...cambodia/197651

QUOTE

KUALA LUMPUR, Nov 23 — Malaysia has never interfered in the border dispute between Thailand and Cambodia, but has instead acted solely as a facilitator at the request of both countries and remains a nation that maintains a neutral stance, said Communications Minister Datuk Fahmi Fadzil.

Fahmi, who is also the spokesman for the Government, said allegations that Malaysia sided with one of the parties in the conflict are untrue, given that all decisions, including ceasefire conditions and peace agreements, are determined by Thailand and Cambodia themselves.

“Malaysia plays the role of facilitator, not mediator. Both parties faced difficulties in engaging directly and they requested Malaysia’s assistance. Our country is neutral and does not align itself with any geopolitical power,” he said.

He said this when met by reporters after officiating the closing ceremony of the Lembah Pantai Indian Community Cyber Fraud Awareness Seminar here today.

He added that claims by certain quarters in Thailand alleging Malaysian interference are “far off the mark” and do not represent the official position of the Thai government.

“This is an unfounded and improper allegation. Malaysia does not interfere in the internal affairs of any country, especially neighbouring nations,” he said.

Prime Minister Datuk Seri Anwar Ibrahim had earlier denied claims by certain parties in Thailand accusing him of meddling in that country’s affairs regarding the border dispute with Cambodia.

Describing the accusations as baseless, the Prime Minister urged those criticising him to first understand Malaysia’s role in helping to resolve the dispute between the two countries before making statements without proper verification.

Yesterday, a group of individuals carrying Thai flags and banners gathered at the Malaysian Embassy in Bangkok, accusing Anwar, as Asean Chair, of interfering in Thailand’s efforts to defend its sovereignty.

The group demanded that Anwar cease pressuring Thailand to negotiate with Cambodia over the disputed border area, and further accused the Prime Minister of engaging in “political interference”.

They also claimed that Malaysia and the United States were attempting to improperly influence Thailand’s decisions. — Bernama

https://www.malaymail.com/news/malaysia/202...-dispute/199460

Can you guys still cannot see who wants war and who wants peace? Talks of Malaysia meddling in Thailand is not limited to ex army.

The man who laugh with Trump, XJP n Putin

DoomCognition — Sun, 26 Oct 2025 18:28:41 +0800

I really respect this guy now. Bang Non, my hats off to you.

I may disagree with you on some of your domestic policies, but you sir, are a statesman with phenomenal diplomacy. Wayyy better than that old doctor who was PM for 22 years, the penyu and lembu.

[YouTube]RBjfuE44wmU[/YouTube]

[YOUTUBE]t4f12NyTbAA[/YOUTUBE]

[YOUTUBE]JhNxgyFCV5E[/YOUTUBE]

https://theedgemalaysia.com/node/775418

KUALA LUMPUR (Oct 26): The governments of the United States of America and Malaysia reached a pact on an agreement on reciprocal trade to strengthen bilateral economic relationship, which will provide both countries’ exporters unprecedented access to each other’s markets.

“The Agreement will build upon our longstanding economic relationship, including the United States-Malaysia Trade Investment Framework Agreement signed in 2004,” the joint statement read.

Key terms include Malaysia committing to provide significant preferential market access for US industrial goods and exports, including chemicals, machinery and electrical equipment, metals, passenger vehicles, and for US agricultural exports including dairy, horticultural products, poultry, processed products, beverages, pork, rice and fuel ethanol as well.

The US meanwhile has committed to maintain at 19% the reciprocal tariffs first set on April 2, 2025, as amended, on originating goods of Malaysia, and has identified products--- from a list set out on Sept 5, 2025, Potential Tariff Adjustments for Aligned Partners--- to receive a 0% reciprocal tariff rate.

Malaysia the joint statement says, has committed to address non-tariff barriers that affect bilateral trade in priority industrial areas, and is committed to accepting US manufactured vehicles built to US motor vehicle safety and emissions standards; streamlining import licences for US alloy steel and pipe products, and steel-containing goods; streamlining halal requirements for products, including cosmetics, pharmaceuticals, medical devices; and addressing US concerns with conformity assessment procedures.

Also to be addressed will be the prevention of non-tariff barriers to US food and agricultural products in the Malaysian market, including by accepting currently agreed certificates issued by US regulatory authorities; streamlining halal and facility registration requirements to facilitate imports of US food and agricultural products; and implementation of regionalisation of the US for animal diseases.

Malaysia has also committed “To adopt and maintain high levels of environmental protection and to effectively enforce its environmental laws, including by taking measures to address illegal logging, fisheries subsidies, illegal, unreported, and unregulated fishing, illegal wildlife trade, and committed to increasing enforcement against notorious markets for counterfeiting and piracy.”

To protect internationally recognised labour rights, Malaysia has made commitments on preventing forced labour and effectively identifying and addressing labour law violations in sectors with a high-risk of forced labour and child labour, among others.

The two countries have finalised commitments by Malaysia to address barriers impacting digital trade, services, and investment and Malaysia has committed to refrain from imposing digital services taxes that discriminate against US companies or requiring US social media platforms and cloud service providers to pay into Malaysia’s domestic fund; ensure the transfer of data across trusted borders, with appropriate protections, for the conduct of business; support a permanent moratorium on customs duties on electronic transmissions at the World Trade Organization (WTO); and remove broadcasting terrestrial airtime restrictions on US programming.

The two nations have also finalised commitments to address intellectual property protection and enforcement, customs and trade facilitation, good regulatory practices, and distortionary behaviours of state-owned enterprises, and committed to strengthening economic and national security cooperation and to enhancing supply chain resilience and innovation, addressing duty evasion, and cooperating on investment security and export controls.

Malaysia has committed to refrain from banning, or imposing quotas on, exports to the US of critical minerals or rare earth elements. Malaysia has committed to the expedient development of its critical minerals and rare earths sectors in partnership with US companies, including granting extended operating licences to create certainty for businesses to increase production capacity. Malaysia has also committed to ensure no restrictions are imposed on the sale of rare earth magnets to US companies.

Both the US and Malaysia have undertaken recent commercial deals between including the procurement of 30 aircraft, with an option for an additional 30 more, purchase of semiconductors, aerospace components, and data centre equipment with an estimated value of US$150 billion (RM633.5 billion), purchase of up tofive million tonnes per annum (MTPA) of liquified natural gas estimated at up to US$3.4 billion per year, purchase of coal and telecommunication products and services valued at US$204.10 million, and capital fund investments in the United States of US$70 billion.

The joint statement says that “the US may positively consider the effect that the agreement has on national security, including taking the Agreement into consideration when taking trade action.”

Additionally, the US Department of the Treasury and Bank Negara Malaysia are in discussions to finalise their mutual understanding on currency policy, and in the coming weeks, the US and Malaysia will undertake domestic formalities in advance of the Agreement coming into force.

Old School: Buy Land and Build House

DoomCognition — Sun, 26 Oct 2025 12:22:42 +0800

Hi sifus,

Was discussing with some friends & koliks on the decline of traditional way of buying land and building own house. Seems like banks also don't offer these facilities readily today. Kam and share your experience.

1. What is the normal LTV offered to residential land? Will it differ for subsale and auction purchases? Which bank offer the best LTV for residential land?

2. For construction loan, seems like not all banks are offering this now? Which banks still offer construction loan?

3. Specifically for auction land, if I buy in cash, would it be possible then to get independent valuation to mark it to "market price" and then take loan LTV based on that later?

Unrelated upah:

» Click to show Spoiler - click again to hide... «

Residential Land LTV

DoomCognition — Thu, 23 Oct 2025 18:43:40 +0800

Hi sifus,

Would like to know what is the normal LTV offered to residential land? Will it differ for subsale and auction purchases?

Also, I asked about construction loan, seems like not all banks are offering this now?

Kam rekomen cars like Subaru Forester XT

DoomCognition — Thu, 17 Jul 2025 00:48:51 +0800

Just for sembang2.

Considering a used Subaru Forester XT 4th Gen (2014-2018), but got to know that it has a CVT. Then I heard about another car called Toyota Caldina GT4 that offers similar power, but is almost 20 years since it was last produced.

Any other cars that is Turbo with 220hp that is either a SUV or a wagon? Am only looking at used cars, ideally under RM 50k with reasonable parts price. Am ok to find an independent mechanic to maintain the car over the longer term. Must be able to serve as daily driver. Fuel economy not a concern, only need power + handling + enlarged boot spacce (SUV/Wagon).

Tapping into /k/'s knowledge.

Subaru Forester XT

Caldina GT4

Yoga Guinness World Record

DoomCognition — Tue, 24 Jun 2025 12:36:51 +0800

You guessed correct! Bharat Mata strikes again

[IG]DLPhoEyy7V-[/IG]

A yoga event in Visakhapatnam managed to bag a Guinness World Record for the largest yoga lesson ever, and possibly for the largest mass-theft of yoga mats in recorded history. The Yogandhra event was supposed to be the largest gathering for a yoga session, and strengthen "Brand Vizag," but instead the videos online only show the chaos that unfolded after Wards.h Tood packets

Some decided to take their yoga mats home. Others descended on the stalls and vans to help themselves to packets of food. Videos of the event show the aftermath of the event descending into chaos as security and police desperately tried to keep order.

Gaji Doctor Rendah? Golongan T2

DoomCognition — Sat, 14 Jun 2025 20:45:52 +0800

Betul ke gaji doktor tu rendah?

Kalo golongan T2 itu gaji rendah, gaji kito yg pertengahan itu mmg hampeh. Gaji doktor bukan T20 tapi T2! Baca betul-betul.

Ntah la, aku yg ada ijazah sarjana pon baru gaji 12k lepas 20+ tahun bekerja, tapi gaji doktor dh mencecah 15k-18k dengan 10 tahun pengalaman je... Pastu berani mengeluh pasal gaji rendah.

[NSF🍓] Punggung Rempit

DoomCognition — Sat, 24 May 2025 21:12:44 +0800

[video]https://thumbsnap.com/i/dP2j1MEz.mp4[/video]

Are you happy with your body?

DoomCognition — Wed, 14 May 2025 06:15:20 +0800

Body dysmorphia. Just got to know it is quite a common thing, and that many perhaps have some degree of it. Do you?

T1, T20 and B40 Detailed Breakdown

DoomCognition — Mon, 12 May 2025 18:34:26 +0800

Household Numbers. Real stuff, not sembang kencang.

Guess my 12k celery ain't that bad after all.

b4dmilk Wher r u?

DoomCognition — Fri, 25 Apr 2025 17:31:14 +0800

Just saw that u kena ban.

Nestle results not released? 25 Apr todei.

[NSF❄️] Visiting Bharat as a Girl

DoomCognition — Wed, 23 Apr 2025 00:04:03 +0800

[YOUTUBE]2StAG551Xoo[/YOUTUBE]

Read the comments.

[NSF🍓] Spinning Round n Round

DoomCognition — Fri, 04 Apr 2025 22:53:44 +0800

[video]https://thumbsnap.com/i/CStismog.mp4[/video]

Health Insurance Claim vs Self Paid

DoomCognition — Sun, 16 Feb 2025 20:11:16 +0800

Kam share your experience.

From wat i c, self paid is usually half the price of using medical card / health insurance. Do u experience the same as well?

So if operation costs RM 10k, if use medical card, will be 20k.

Khazanah oh Khazanah

DoomCognition — Sun, 03 Nov 2024 12:55:45 +0800

2022 - Khazanah Chief Investment Officer Azmil Zahruddin told CNBC the fund’s investment strategy was to focus on large investments — not direct startup deals.

2018 - Khazanah had invested RM27m to acquire a 9% stake in FashionValet.

2015 - Grab had applied to Khazanah for a financial grant of US$10 million but failed.

Conclusion, Khazanah officers deemed RM 27 mil to be more than $10 mil. 🤷‍♂️

https://www.cnbc.com/2022/08/04/malaysia-so...t-in-grab-.html

https://www.khazanah.com.my/news_press_rele...n-fashionvalet/

QUOTE

Malaysia’s sovereign wealth fund Khazanah Nasional has defended its decision not to make an early investment in Southeast Asia’s ride-hailing and food delivery superapp Grab.

Chief Investment Officer Azmil Zahruddin told CNBC the fund’s investment strategy was to focus on large investments — not direct startup deals.

Khazanah could not close an early deal to fund the Malaysian-founded Grab.

Other investors including Singapore’s state-owned investor Temasek eventually took a stake in Grab and the ride-hailing giant moved its headquarters to Singapore. The company went on to raise $4.5 billion and listed on Nasdaq in late 2021 through a SPAC merger with Altimeter Growth Corp, making Grab the biggest listing in the U.S. by a Southeast Asian company.

Khazanah came under criticism for what some have said was a “missed opportunity” for Malaysia.

“You have to look at what Khazanah is and what its DNA is,” Zahruddin said in an exclusive interview with “CNBC Squawk Box Asia” on Thursday.

“Our DNA is that we manage large investments. [Venture capital] investing is not really what we do, and it’s not really our expertise and skill set.”

“So what we try to do is, instead of trying to do those investments directly, we actually seed investments into VC funds who then invest into companies around the region.”

Zahruddin agreed, however, that it was important for Malaysia to support its entrepreneurs and retain its talent.

He said Khazanah would continue to help Malaysian startups through an indirect approach of investing into funders that take a stake in these new companies and potentially investing in them directly after they have matured to a size that meets the fund’s investment criteria.

To that end, Zahruddin said Khazanah invested in Grab’s competitor Uber through an intermediary funder which was willing to invest in Uber at an early stage.

Khazanah’s investment in the foreign-owned Uber instead of Grab, which was started by two Malaysians, raised eyebrows in the Malaysian investment community.

Grab dominates ride-hailing in Singapore and operates across Southeast Asia. The company has been suffering losses since its listing last year and in its latest results for the first quarter, Grab posted a net loss of $435 million although revenue has risen to $228 million — up 6% year-on-year.

Zahruddin said the venture capital markets have been quite challenging and many endowment funds that have been active in venture capital have seen their investments fall by up to 40% in the past year.

But Khazanah would continue to deploy funds into the technology sector and has been doing so in the past 10 years.

“In hindsight, it is a good thing that we’re not really able to do direct investments anyway, because that is something that is quite challenging for anyone who’s been in VC,” Zahruddin said.

Khazanah posted a nearly 80% drop in annual profits in 2021 to 670 million Malaysian ringgit, or $150.36 million. The year before profits also fell about 60% to RM $2.9 billion.

The sovereign wealth fund said the fall in profits were due to its continued extension of financial assistance to its airlines and tourism investments suffering from Covid-19 disruptions.

QUOTE

Khazanah Nasional clarifies its divestment in FashionValet

Khazanah Nasional (“Khazanah”) had invested RM27m to acquire a 9% stake in FashionValet (“Company”) in 2018. At the time, the Company was a promising homegrown e-commerce fashion platform with more than 400 brands and 15,000 products on its platform and expecting revenue growth of ~60% annually. Our investment rationale was anchored on the theme of Offline-to-Online e-commerce, as well as a commitment to support Malaysian entrepreneurs and promising early-stage companies.

Over the years, the Company faced challenges, most of which were exacerbated by COVID-19, including in expanding its platform. This required FashionValet, under the guidance of its Board of Directors and shareholders, to shift focus from being an ecommerce platform for Southeast Asian brands to growing its wholly-owned in-house brands, Duck and Lilit, in order to preserve the Company’s operating margins and cashflow. The Company also took measures to rationalise costs and streamline operations, but continued to face challenges, including in securing capital during the difficult fundraising environment in 2022-2023.

In late 2023, NXBT Partners, led by a seasoned Malaysian entrepreneur, offered to acquire existing shareholders’ stakes and inject capital into the Company. In view of the Company’s urgent need for funds to continue operations, and the fact that the investment had reached the end of its targeted holding period, Khazanah considered and accepted the offer. The divestment represented a responsible exit to transfer ownership to a party who could help guide the Company to a new growth trajectory.

As the sovereign wealth fund of the nation, Khazanah will continue to invest responsibly and manage assets towards sustainable multigenerational returns for the country. As part of Khazanah’s Advancing Malaysia strategy anchored on “A Nation that Creates” framework, we remain committed to transforming Malaysian firms of all sizes to increase national productivity and competitiveness, aligned with the GEAR-uP programme, led by the Ministry of Finance.

We believe that the start-up ecosystem is a vital engine for innovation, economic growth and job creation in Malaysia. Despite the higher inherent investment risks and challenges with early-stage companies, Khazanah is fully dedicated to supporting local start-ups and will continue to promote their success and expansion.

We appreciate the continued trust and support from our stakeholders as we work towards the nation’s economic objectives in line with the government’s Ekonomi MADANI aspirations.