The Industrial Development Authority has set the deadline for securing letters of guarantee for the companies applying to new cement licences until end of October, for the cement licences that were issued earlier this year. The deadline was set for the eight cement licences requested by six companies that applied, and Ahmed Abou Hashima, Chairman of Egyptian Steel. IDA has decided on a price of EGP150mn/ licences, and the bidding process will start once the companies submit their letters of guarantee, according to Ismail Gaber, Chairman of IDA. The conditions book set by IDA for the licences included that bidding companies technical and financial offers should include Letters of Guarantee of EGP20mn/licence registered under IDA, that is refundable in case of the bidder is not awarded the licence. (Al Borsa)