Cairo – Mubasher: The Egyptian Religious Endowments Authority (Awqaf) has lowered its stake in Housing and Development Bank (HDB) to 5.03% from 11.43%.

The authority has sold 8.09 million shares at a value of EGP 404.9 million, equivalent to EGP 50 per share, Beltone Financial Holding added in a statement to the Egyptian Exchange (EGX) on Tuesday.

HDB’s capital amounts to EGP 1.26 billion distributed over EGP 126.5 million at a par value of EGP 10 per share.