Qatar’s QIA invests more than $200mln in HK-listed Kindgee

Qatar’s QIA invests more than $200mln in HK-listed Kindgee

Al Rayyan Holding, a subsidiary of Qatar Investment Authority (QIA) has agreed to pick up a 4.26% stake in Hong Kong-listed software firm Kingdee International Software Group for up to HK$1.6 billion ( $204.9 million), according to an exchange filing.

"Approximately 80% of the net proceeds from the subscription will go towards potential capital market transactions including (without limitation) potential acquisitions and potential share buy-backs," Kingdee's statement said.

The remaining proceeds will go towards general operation and working capital of the group. Kingdee International Software Group offers enterprise resource planning (ERP) services.

QIA has $475 billion of assets under management. The wealth fund is increasing its investments in south-east Asia. In 2022, the QIA invested in Carsome, a Malaysia-based online used car platform, in a $300 million funding round.

(Reporting by Seban Scaira; editing by Anoop Menon)

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