Mubasher: Kuwait’s Global Investment House has announced that its alternative asset management arm,

Global Capital Management has partially exited Kuwait-based Jassim Transport and Stevedoring Company (JTC).

Under the agreement, a 60% stake in JTC held by Global’s Private Equity (PE) funds and Boodai family was sold to Qurain Petrochemical Industries Company (QPIC) and its group companies, according to a company statement released on Saturday.

"We are extremely delighted to have completed the partial exit of JTC, one of the crown jewels from the existing portfolio companies of our PE funds,” chairman of JTC Sulaiman Mohammed Al-Rubaie said.

Global Buyout Fund and Global Opportunistic Fund II sold 25.3% and 10.7% equity stake in JTC respectively.

“Following this successful partial exit, the company is preparing to come out with an Initial Public Offering (IPO) in the coming quarters and list on Boursa Kuwait,” Al-Rubaie revealed.