April 12, 2017 / 10:04 AM / 5 months ago

Kuwait's Alimtiaz raises $120 mln from HumanSoft stake sale

DUBAI, April 12 (Reuters) - Kuwait’s Alimtiaz Investment Group has raised $120 million from the sale of a 10 percent stake in education provider HumanSoft Holding which it plans to reinvest, Chief Executive Nawaf Marefi told Reuters.

It plans to use the money to invest in sectors including education, healthcare 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 percent, the parties said in a joint statement.

The buyers were institutional investors including regional sovereign wealth funds and other funds.

HumanSoft establishes and manages private universities and colleges in Kuwait and internationally.

Reporting by Tom Arnold; editing by Jason Neely

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