Industrial Development Authority Had Earlier Withdrawn Production License for The Firm

Industrial Development Authority had earlier withdrawn production license for the firm because of startup problems. (CW Group) Egypt's Industrial Development Authority has stood firm on its decision to cancel the production license of North Sinai Cement and New Valley Cement, even as the court ruling has given the firm a temporary license until litigation is completed, a report from Mubasher said. Major General Ismail Al Najdi says he has ruled out re-license to the New Valley company, especially after losing its case against the Commission, pointing out that the company faces problems to fund the project after the withdrawal of donors. He says this violates the conditions of the license to sell shares of the company before the completion of the project implementation and production. The Industrial Development Authority had decided by the middle of last year to withdraw licenses of North Sinai and New Valley to the lack of commitment to the implementation of the projects the two companies had agreed to, the report said. Source: cemweek.com