Awqaf sells EGP 404.9 mn worth of shares in bank

Freeing up liquidity? The Religious Endowments Authority sold a stake worth EGP 404.9 mn in the Housing and Development Bank, according to a bourse disclosure. The Authority’s head, Ahmed Abdelhafez, had said earlier in the month that it was looking to invest in the upcoming round of state-owned company IPOs. Abdelhafez had also said the authority had already earmarked EGP 1 bn to be invested in EGX-listed companies.