A fine balance

31 Oct 2012 By Una Galani Follow @ugalani

The transition from the Mubarak era hasn’t been smooth for business. UK-listed miner Centamin has had a key contract annulled by an Egyptian court. Delays in government fees contributed to Abu Dhabi’s Dana Gas not repaying bondholders. The Arab Spring dividend is proving elusive.

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UK-listed miner Centamin said on Oct. 30 that it was studying a ruling by an Egyptian administrative court declaring invalid its right to operate the Sukari gold mine. Shares in Centamin were down 35 percent before they were suspended. Centamin said the court does not have jurisdiction to cancel its contract.
Dana Gas is in talks with creditors over its $920 million publicly traded Islamic bond. The company lacks the funds to repay the bond maturing on Oct. 31.
Abu Dhabi-listed Dana was owed $196 million for unpaid fuel bills from Egypt as of end June. Cairo has been maintaining payments for current supplies, according to Dana board member Majid Jafar.

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