Egypt’s El Wadi Cement has filed a court case seeking to regain a production licence that was cancelled over start-up delays, al-Mal newspaper reported on Sunday.
In November, the Industrial Development Authority’s (IDA) licensing committee cancelled the licences of two firms, El Wadi Cement and North Sinai Cement, over delays and financing shortfalls, but each was granted 60 days to appeal.
However, the two firms did not meet the conditions during the appeal period, which led Egypt to open a bidding in May for two new licences.
"El Wadi Cement requests to get back its revoked licence or be granted a financial compensation that is up to E£250m (US$44m) which is the total value of the company’s investments in construction operations," al-Mal said, citing the firm’s managing director Khairy Maklad.
However, the head of the IDA, Amr Assal told the newspaper that the authority has not received any request from El Wadi Cement to get its licence back.
El Wadi Cement in February secured a US$328m loan which it said it will use to build its delayed factory in order to get back its revoked production licence and return to Egypt’s booming construction sector.