Kuwait’s Alimtiaz raises $120m from HumanSoft stake sale

Dubai: Kuwait’s Alimtiaz Investment Group has raised $120 million (Dh440.4 million) from the sale of a 10 per cent stake in education provider HumanSoft Holding which it plans to reinvest, Chief Executive Nawaf Marefi said. It plans to use the money to invest in sectors including education, health care and real estate, he said. Citigroup and EFG Hermes acted as joint bookrunners on the deal, which cut the Sharia-compliant investment company’s stake in HumanSoft to 10 per cent, the parties said in a joint statement. The buyers were institutional investors including regional sovereign wealth funds and other funds.