Cairo – Mubasher: The Egyptian Religious Endowments "Awqaf" Authority has allocated an initial portfolio of EGP 1 billion to invest on the Egyptian Exchange (EGX) through projected initial public offerings (IPOs), Almal News reported on Thursday, citing authority chairman Ahmed Abdel Hafez.
The authority is able to acquire stakes in the anticipated government IPOs as it has a buoyant liquidity, Abdel Hafez highlighted.
The authority has shares in Faisal Islamic Bank of Egypt, Housing and Development Bank (HDB), Telecom Egypt, and Egyptian Chemical Industries (KIMA), he continued.
He further noted that the authority has captured 100 million shares in the last IPO of Ibnsina Pharma, pointing out that it is part of its projected investments on EGX.
Egypt is aiming at luring $10 billion investments from the government IPOs programme within the coming three years.
