Sale of Pula Steel kicks off

Built at a cost of P130 million, the company operated in fits and starts due to financial and technical challenges, including shortage of its raw material.

The company, majority owned by BCL Mine and with shareholding from CEDA and founders, the Verma family, was placed in liquidation last October, owing creditors an estimated P100 million. This week, WH Auctioneers, a South African firm experienced in disposals involving liquidations, announced that bids were now open for Pula Steel.