Cairo – Mubasher: Al Awqaf Egyptian Authority is in talks with BPE Partners, known as B Investments to acquire a stake in the company for EGP 100 million through the company’s shares on the Egyptian Exchange (EGX).

Authority chairman Ahmed Abdel Hafez revealed that the authority enjoyed massive liquidity which may prompt it to increase the funds allocated to investments in the EGX to around EGP 2 billion in 2018, Al Mal newspaper reported.

In January, Abdel Hafez unveiled a preliminary EGP 1 billion-investment portfolio for the EGX, which will be used to purchase shares and stakes in listed companies whether through initial public offerings (IPOs) or listings.

The authority’s liquidity will enable it to acquire stakes in the upcoming IPOs by state-owned companies, the top official added.