My critics don’t understand financial statements, says Rafizi on Invoke valuation

My critics don’t understand financial statements, says Rafizi on Invoke valuation

He says Invoke turned a profit after a year and this is attractive to investors.

PKR deputy president Rafizi Ramli says the valuation of Invoke includes two subsidiaries which could be sold off.
PETALING JAYA:
Rafizi Ramli has hit out at his detractors who criticised the spike in value of Invoke, a data company the PKR deputy president founded.

Last week, Rafizi, who is contesting the Pandan seat declared he held RM16.7 million worth of Invoke shares. Subsequently, his detractors pointed out that as of last December, Invoke had suffered losses and was RM4.7 million in the red.

At a press conference today, Rafizi said his critics in BN and PN were unable to understand financial statements.

He said Invoke had two subsidiaries and that the valuation of the company included these subsidiaries, which could be sold off. However, he said Invoke on its own had been profitable since 2020, a year after it was set up.

Rafizi said this was very attractive to investors, hence the value of Invoke’s shares as of 2022. Even then, Rafizi said, the shares were undervalued at RM75 million, whereas government agency Cradle actually valued it at RM105 million.

He labelled his detractors’ criticism of Invoke’s valuation as “propaganda”.

Earlier today, Bersatu Supreme Council member Abdul Latiff Ahmad called on Rafizi to explain the spike in the value of Invoke.

Latiff claimed that as of last December, Invoke had suffered losses and was RM4.7 million in the red.

We are live on Telegram, subscribe here for breaking news and the latest announcements.

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.